Asheville Leaders OK Fund To Help With Housing Down Payment
Asheville city leaders have approved more than $1 million to help teachers, municipal workers and the poorest residents buy homes.
Earlier this week, the Asheville City Council approved the policy that will provide $1.4 million for down payment assistance.
The Asheville Citizen-Times reports that of that amount, $500,000 will go to people earning $25,763 or less a year. That figure could change annually.
The minimum loan amount is $5,000. The maximum is 20 percent of the home's value. Recipients must provide $1,000 that isn't borrowed for a down payment from their own assets.
The plan is funded by $1 million in bond money and $400,000 from the city's Affordable Housing Trust Fund and the Federal Home Loan Bank of Atlanta.
Copyright 2019 WFAE