Going to an agency for assistance for your housing needs may provide extra resources currently unavailable to you.
Several programs exist to help you with housing, whether you are a renter, looking for a home to purchase or currently own a home. Funding from federal, state and local agencies support North Carolina residents with loans, grants and counseling. There are some income restrictions, but you may qualify for an exception.
Rental Housing
There is assistance for North Carolina renters to access affordable housing. The U.S. Department of Housing and Urban Development (HUD) provides public housing with rent below market rates, and vouchers in their Section 8 program help low-income people afford rent for privately owned homes and apartments. Additionally, the Affordable Apartment Locator, a listing of affordable housing properties financed with subsidized funds, is available from the North Carolina Housing Finance Agency (NCHFA) at their website NCHFA.com. This agency also sponsors the bilingual website NCHousingSearch.org, which has more listings of affordable rental housing throughout the state. Finally, Legal Aid of North Carolina provides assistance for dealing with your landlord, including defending against evictions.
Home Buying
As a current homebuyer, there are programs available to assist you, whether this is your first time purchasing a home or your fifth. Mortgages with at or below market rate interest, down payment assistance up to $8,000 and the Mortgage Credit Certificate (MCC), which reduces your tax liability dollar-for-dollar by 30 percent of your mortgage's interest rate, are programs offered to home buyers by the NCHFA. This agency and HUD also provide financing to local affordable housing agencies for city or county residents to qualify for grants toward purchasing a home.
Habitat for Humanity has several chapters across the state that help low-income families become homeowners with a no-interest loan and requirement for 250 hours in "sweat equity" as down payment. For rural residents, the U.S. Department of Agriculture (USDA) offers 502 Direct and 502 Guaranteed Loans, providing loans of up to 100 percent appraised value with interest rates as little as 1 percent.
Homeowner
As a current homeowner, you have access to programs that help with the upkeep of your home and help keep your home out of foreclosure. The NCHFA provides local housing agencies with Single Family Rehab or Urgent Repair funds for homeowners. Additionally, the agency offers foreclosure prevention counseling, mortgage payment assistance, fraud protection and reverse mortgages. The USDA offers the 504 Repair Loans and Grants product for rural homeowners.
Eligibility
Eligibility for these programs are typically for households with incomes of 60 to 80 percent below the local median income. For the NCHFA, there are no income restrictions if you buy a home in a distressed area. Legal Aid of North Carolina usually helps households with income below 125 percent of federal poverty guidelines, but there are exceptions as declared by the office closest to you.
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