Public Relations

HUD Offers Downpayment Assistance Grants

The Housing Authority of the City of Winston-Salem has received a $279,000 HOPE VI grant from the U.S. Department of Housing and Urban Development. The grant will provide 31 eligible, first-time home buyers with up $9,000 in down payment and closing costs.

Eligibility requirements include:

  • A family's income must not exceed 80 percent of this area's median income. For example, the annual income for a family of four cannot exceed $46,550;
  • The home buyer must use his own funds to make a minimum down payment on the home that is the greater of 1 percent, or $500;
  • All homes purchased under the program must be owner occupied and all homeowners are prohibited from renting or leasing the homes; and
  • The new home cannot be located in Gateway Commons (formerly Kimberly Park Terrace) or College Park (formerly Happy Hill Gardens), two communities that have been developed or are being developed by separate HOPE VI grants.

The Housing Authority will discuss the grant over the next few weeks in meetings with realtors, brokers, mortgage bankers and community development corporations, said Katrina Redmon, the authority’s Vice President of Development. She said the authority is in the process of scheduling neighborhood meetings throughout the city to meet with potential home buyers that meet the eligibility criteria (see schedule below).

“Funds will be disbursed to eligible home buyers on a first-come, first-serve basis,” she said. “At the meetings the buyer must be ready to close on the sale of the home. They can be a detached single-family home, a condominium, or a town house, and must be located in or near the city limits of Winston-Salem. We will begin advertising meeting locations within the next couple of weeks.”

Larry Woods, Chief Executive Officer of the Housing Authority, said “the closing-cost assistance is another example of the Authority’s commitment and dedication to providing safe, affordable housing to city residents.”

“There are many would-be home buyers that a face financial burden when it comes to down payment or closing costs associated with a home purchase,” he said. “The assistance from this grant will help them get over that hump.”

Funding priority will be given to:

  • Former residents of Happy Hill Gardens or current residents of Alders Point, Providence Place and Willows Peake;
  • Residents of other public-housing community or mixed-finance community assisted by the housing authority;
  • Persons on the housing authority or Section 8 waiting lists;
  • Participants in the housing authority's Homeownership Program; and
  • All other city residents that meet income and eligibility requirements.

For more information contact: Sylvia Dulaney (336) 727-8500 Ext. 111.

COMMUNITY INFORMATION SESSIONS

COMMUNITY DEVELOPMENT CORPORATIONS MEETING
Piedmont Club
200 W. Second St. (BB&T Building)
April 22nd @ 5:30 p.m. (Tuesday)
499-0161

REALTORS / MORTGAGE LENDERS MEETING
Piedmont Club
200 W. Second St. (BB&T Building)
April 23rd @ 5:30 p.m. (Wednesday)
499-0161

COMMUNITY MEETINGS
Willows Peake Community Center
1350 Eller Way
April 24th @ 6:30 p.m. (Thursday)
725-0276

Polo Park Recreation Center
1850 Polo Road
April 28th @ 6:30 p.m. (Monday)
659-4309

Little Creek Recreation Center
610 Foxcroft Drive
April 29th @ 6:30 p.m. (Tuesday)
659-4303

Rupert Bell Recreation Center
1501 Mount Zion Place
April 30th @ 6:30 p.m. (Wednesday)
727-2051
top of page