Homebuyers to contribute 200 hours of labor to build
The new year brings with it new investments in affordable housing by the Wake County Board of Commissioners. In a unanimous vote, commissioners approved a $2.4 million loan to build more than 50 affordable homes in Wake County.
“Across the country, many are struggling to afford to become homeowners. Today, our board voted to help fund a project that will make it easier for families in our community achieve that goal,” said Chair of the Wake County Commissioners Shinica Thomas. “Even if these homes are sold, they will remain affordable for two decades afterwards, securing future opportunities for even more residents to own a home in Wake County.”
Habitat for Humanity of Wake County expects to complete construction on these homes by 2026. Fifty of the soon-to-be built homes will be located on Old Poole Place in Raleigh, with the remaining five being built on Harris Street in Wendell.
The homes will be deed-restricted as affordable for 20 years after the first sale. Homebuyers will qualify for a 2% mortgage interest rate through a Habitat for Humanity preferred lender program, pay no more than 30% of their monthly gross income toward their mortgage and contribute at least 200 hours of volunteer labor to help build the homes.
To support the home buying process, buyers will have access to down payment assistance through Federal Home Loan Bank Affordable Housing Program grants, NC Housing Finance Agency’s Self-Help Loan Pool program, and 0% deferred loans from Habitat for Humanity of Wake County.
Most homes will be affordable for households earning up to 80% AMI, meaning a family of four earning $90,604 a year can afford this home. Additionally, Habitat will reserve eight homes for households earning up to $45,320 annually for a family of four. Those interested can apply to purchase a Habitat home here.
