City Increases Funding for Homebuyer Assistance Program

The City of Greensboro is upholding its commitment to offering an adequate supply of attainable housing by increasing funding for the Homebuyer Assistance Program. The goal of the program is to convert renters into homebuyers and promote affordable homeownership city-wide.

In January 2022, City Council approved $1 million of American Rescue Plan (ARP) funding to supply payment and cost assistance to first-time homebuyers with incomes up to 120% of the area median income. The program offers valuable support for Greensboro residents to get a foothold in the ever-changing housing market. The initial $1 million allocation enabled the City to work towards its #100Homes initiative by providing $10,000 to each homebuyer with hopes to serve 100 households.

The City is now adding $500,000 of ARP funds to the remaining balance of the initial funding- increasing the maximum assistance amount to $20,000. The additional funding will help the City assist approximately 53 additional first-time homebuyers.

In addition to this, the City is implementing a $10,000 increase for low-income buyers and a $5,000 increase for public service heroes. If buyers are purchasing in neighborhood reinvestment or redevelopment areas, assistance could be up to $30,000 per household.

"This increase will allow the low-income buyers to be more competitive in a tight housing market and continues Greensboro's dedication to prioritizing support for our low-income buyers and geographic target areas," said Cynthia Blue, assistant director of housing and strategy.

Housing Connect GSO's Homebuyer Assistance Program is a source of financial assistance for low-and moderate-income homebuyers to break into the housing market. Learn more about resources at https://www.greensboro-nc.gov/HomebuyerAssistance.