June 27, 2022
June is an exciting time for us because we spend it celebrating Homeownership Month, a topic I wrote in detail about last June. As we’re all aware, the housing market is particularly challenging right now and our Homeownership Center (HOC) is helping to combat that by continuing to hold regular workshops to get first-time buyers mortgage-ready.
However, our mission extends beyond just providing housing support. It’s also our job to empower residents living in our communities, connecting them with each other and local resources through our partnerships with other nonprofits. This year, we were thrilled to have the opportunity to get back out in the community, participating in events throughout the Triangle both to spread the word about our mission and to connect with our residents.
Over the past few weeks, the HOC staff gave a presentation at the Raleigh Regional Association of Realtors luncheon and had the opportunity to participate in a Homeownership Briefing held by Congresswoman Deborah Ross’s office. We also celebrated NeighborWorks Week, holding resident events at both our Pennington Grove and Washington Terrace communities.
In this month’s edition of the newsletter, we’ll go into more detail about each event, highlighting our amazing sponsors who helped us along the way. Of course, none of what we do would be possible without our amazing staff.
This month, we’re lifting up our CFO, Sharon Lorden, who has spent the last 20 years of her career working with our team. She’s been a steady, guiding presence for all of us, helping us navigate different economic cycles with care and compassion. You’ll learn more about Sharon and her story in this newsletter as well.
Lastly, WRAL Investigates just aired a story focused on the challenges one of its cameramen experienced pursuing homeownership using down payment assistance programs such as the Wake County Affordable Homeownership Program which DHIC is contracted to administer. The piece mentioned the decline in the number of DHIC clients who have purchased a home between 2019 and so far in 2022. While each buyers’ situation is unique, anyone currently pursuing homeownership in our region faces a shortage of homes for sale; competition from an influx of people relocating from other parts of the country; buyers, be they individuals or corporations with resources to pay due diligence fees and higher than appraised value; and now rising interest rates. These market conditions present obstacles over and above amassing a sufficient downpayment in order to qualify for a first mortgage loan. In response, guidelines governing these programs have been and continue to be updated so that they are still a useful tool for low to moderate income first time buyers. DHIC has a long history of working with families with aspirations of first-time homeownership. For some, that journey results in success right away. For others, it is sometimes years in the making. Either way, DHIC is dedicated and committed to helping those we serve attain homeownership the same as always, one household at a time.
As always, we thank you for your support during Homeownership Month and the rest of the year. None of what we do would be possible without the amazing people in our corner.