04/22/10 — Housing fair Saturday

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Housing fair Saturday

By From staff reports
Published in News on April 22, 2010 1:46 PM

Rebuilding Broken Places CDC will sponsor a housing fair Saturday titled "The Road to Homeownership is Open," from 10 a.m. until 2 p.m. at its office at 2105 N. William St.

With Wayne County reporting nearly 100 new foreclosures already this year, it's clear that the housing crisis is still ongoing. But Rebuilding Broken Places wants to show Wayne County residents that home ownership is still affordable.

Rebuilding Broken Places will be promoting their energy efficient homes in the Faith Estates subdivision. The 15-lot subdivision is located on Orange and Lime streets and is being developed in partnership with the city of Goldsboro, utilizing HOME funds and the North Carolina Community Development Initiative.

"Homeownership is a fundamental cornerstone of progressive community development. Families are stabilized, jobs created and communities are empowered" said the Rev. Dr. William J. Barber II, chairman of Rebuilding Broken Places Board of Directors.

The event will offer opportunities for would-be homeowners to talk with various bankers and complete a loan application. The organization also will have housing counselors available to talk with individuals about their credit. Those who are able to act quickly may also qualify for the $8,000 federal first-time home buyer tax credit, which ends on April 30.

There will be representatives from local lending institutions on-site, and attendees can bring along their two most-recent pay stubs, which will help them get pre-qualified.

Due to the economic recession, many builders are not building new homes unless the buyers are lined up in advance. In many cases, the down payment that is traditionally required to secure a loan can be a barrier to potential homebuyers. Rebuilding Broken Places has compiled financial resources for qualified buyers, such as down payment assistance and land grants, which make homeownership an achievable goal.

Down payment assistance incentives for qualified Faith Estates buyers include up to $25,000 in deferred, interest-free loan from N.C. Housing Finance Agency, up to $30,000 from the city of Goldsboro, land grant for $4,570 and $7,500 from Federal Home Loan Bank.

"Our homes are (Advanced Energy) Systems Vision certified, which guarantees your home will be energy efficient, and your electrical bill will stay at a certain low rate. They make sure your house is sealed tight, and they inspect it along the way to make sure the builder is staying to their specs.", said John Barnes, CEO of Rebuilding Broken Places.

Barnes and his staff would encourage anyone interested in homeownership to attend, even if they know they aren't ready to buy at this time. Certified housing counselors will be on-site to assist future homeowners in coming up with a plan -- whether that means help in cleaning up credit or information on applying for loans -- that will get them on the road to buying a home.

A home tour will take place at 506 Orange Street, starting at 2:30 p.m.

The event iis sponsored by N.C. Community Development Initiative and Cunningham Construction Co.