• By Todd Luck
• Posted Friday, September 20, 2024

Forsyth County names new Community and Economic Development director

Forsyth County believes that homeownership is essential to achieving the American dream, creating stable and thriving communities, as well as intergenerational wealth for families and loved ones. For over two decades, Forsyth County’s Community & Economic Development department has helped families and individuals achieve their dreams of homeownership by providing down payment assistance through the help of our partners, Winston-Salem/Forsyth County Housing Consortium through Housing & Urban Development’s HOME Investment Partnership funding and the North Carolina Housing Finance Agency’s (NCHFA) Community Partners Loan Pool (CPLP) funding.

It is clear there is a significant need for downpayment assistance in our community. In just three months, our staff has distributed approximately $488,000 in downpayment assistance to eligible buyers in Forsyth County. This is an outstanding accomplishment and testament to our dedicated staff, funding partners, lenders, realtors, and buyers. Unfortunately, with much success comes unexpected challenges. Our team was recently informed by North Carolina Housing Finance Agency, that Forsyth County has exceeded the maximum allowed units for this year’s funding cycle. Due to these budget constraints, NCHFA will no longer be accepting additional funding reservations under the 2024 CPLP Funding Cycle.

What does this mean for Forsyth County buyers? CPLP funding will not be accessible until 2025. The Community & Economic Development department will still have access to serve buyers, but the maximum amount of downpayment assistance per unit/buyer has decreased due to the lack of CPLP funds. For eligible buyers, our team can now provide a maximum of $20,000/buyer under the HOME Investment Partnership funding, as well as an additional $6,000/buyer for those participating in the Individual Development Accounts (IDA) program. Previously submitted applications will continue to be processed and reserved for funding on a first-come, first-served basis once additional CPLP funding is available. Please contact our office for questions regarding pending/open cases. Check our website for updates over the next few months.

We appreciate your understanding and continued support as we navigate this challenge. Rest assured that together we will continue to strive to help more families reach their dream of homeownership.