June 18, 2018
Summer is officially here! It’s the season of road trips, barbecues, porch swings and lemonade. It’s also National Homeownership Month. That means it’s a great time to showcase the ways that DHIC helps Triangle residents realize the dream of buying a home and highlight the benefits of homeownership.
From Renters to Owners: DHIC Celebrates 443 new Triangle homeowners
Over the last 15 months, DHIC has helped 443 Triangle residents become first-time homebuyers. How did we do it? We invested $4 million from the Wells Fargo NeighborhoodLIFT program to provide down-payment assistance to local qualified buyers.
Here are just a few highlights from this program:
- 126 Durham and 317 Wake County residents were able to buy their first home
- The average purchase price was $180,500
- The average borrower income was $49,000
Our partnership with Wells Fargo Neighborhood LIFT is just one example of the services provided through our Homeownership Center.
Leading in the State: DHIC Homeownership Center receives recognition from the NCHFA
DHIC is a member of the North Carolina Housing Finance Agency’s Community Partner Loan Pool Program (CPLP). Through this program, we offer education for first-time home buyers and down payment assistance loans up to $30,000 or 20% of the price, whichever is lower. In April, we were recognized for being the Top Loan Producer of 2017 in North Carolina and closing 53 loans through the CPLP.
Why are we so proud of these achievements? And why should society put such a high value on homeownership? Because…
Homeownership is good for kids
According to data from the Department of Housing and Urban Development, children of families who own their own homes are more likely to graduate from high school and earn more income later in life. In addition, children of homeowners:
- Are 116% more likely to graduate from college*
- Have 9% higher math scores*
- Have 7% higher reading scores*
- Are 59% more likely to own a home within 10 years of moving from their parents’ household*
Homeownership is good for civic engagement
According to A Place Called Home: The Social Dimensions of Homeownership, compared to renters, homeowners are more likely to:
- Have voted in a recent local election
- Be involved in neighborhood groups
- Work on solutions to neighborhood problems
For these reasons and so many more, DHIC is proud to help our friends and neighbors in the Triangle realize the benefits of owning a home and we look forward to continuing our work for many years to come.
* According to data from the Department of Housing and Urban Development and a 2013 report, “Re-examining the Social Benefits of Homeownership after the Housing Crisis” from the Joint Center of Housing Studies at Harvard University.