City council considering down payment assistance for city employees

One of the items the Greensboro City Council is discussing during the “Strategy Session” on Thursday, Oct. 13 is a mortgage and rent assistance program for city employees.

Making Ownership Viable for Employees (MOVE), which is offered by the Leadership Edge 2022 cohort, is to provide up to $15,000 in down payment assistance and up to $7,500 in rent assistance to eligible municipal employees.

Eligibility would be based on income and Mayor Nancy Vaughan said the figure being considered was 120 per cent of area median income (AMI).

For Housing Connect GSO, the first-time homebuyer assistance program for Greensboro residents, the income eligibility criteria is based on 80% of the AMI which, for a household of four, is estimated at around $58,000 per year.

Rent assistance would pay the security deposit and up to 25% of the monthly rent not to exceed $7,500 in total. Employees who use the rental assistance program would still be eligible for the down payment assistance program, but the total assistance for the city’s two programs would not exceed $15,000.

The GSO MOVE program report notes that “few cities in North Carolina offer similar incentives.”

To be eligible for the MOVE program, the city employee must reside within the city limits. According to the report, the benefits of the program include that it would encourage city employees to live in the city and “reinvest in the community they serve as a city employee.”

The program would also help the city recruit and retain employees “by providing options for relocating to Greensboro and home ownership in the city.”

The report also states that “an employee’s home ownership can be a major contributor to a sense of financial well-being, stability and security, all of which can contribute to their productivity and overall job satisfaction. work for the city.

Challenges for the program listed in the report include the current low inventory of available homes and apartments, additional spending on the city budget, and the timeliness of program applications and the city’s verification process.

About Matthew R. Dailey

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