House Charlotte Expands Making Homeownership More Affordable, Many Communities Are Eligible for Up to $15k Down Payment Assistance

Charlotte, NC, October 20, 2010 --(PR.com)-- The City of Charlotte recently released the results of the 2010 Quality of Life Study, the biennial study that ranks Charlotte’s neighborhoods on several social, cultural and economic indicators. As expected, many of our neighborhoods are experiencing negative impacts from the economic downtown. Despite this news, the City of Charlotte has recently taken steps to turn this difficult situation into a new opportunity.

Utilizing input from members of the development community, City Staff incorporated additional criteria into the “House Charlotte” program to allow more communities to qualify for homebuyer education classes and up to $15,000 in down payment assistance.

Lockard Reed Development Group is proud to announce that two of their leading communities, Oakbrooke and Potter’s Glen in northeast Charlotte, are now both eligible for the House Charlotte program, a tremendous benefit to the communities builders, DR Horton and Regent Homes. Oakbrooke and Potter’s Glen are both in Councilman James Mitchell Jr’s district. When asked how he felt about the expansion of the program, he said "You say, what's in it for me? This program allows you to have citizens move in [to your neighborhood] that will stabilize your community."

The House Charlotte program provides:
- Down payment assistance of up to $10,000 for qualified buyers in select neighborhoods and up to $15,000 for police officers
- Pre-purchase homebuyer education

Eligibility
- Families with incomes that are 110% or less of the median income.
- Home must be a primary residence with a maximum purchase price of $147,000
- Neighborhood is classified as “challenged” or “transitioning” or adjacent to one of these communities where less than 50% of homes are owner occupied.

Nicole Storey, a consultant working with Lockard Reed, added that “In today’s tough economic times it’s encouraging to see City Staff taking steps to expand their policies in a way that benefits residents, stabilizes neighborhoods and stimulates homeownership, it truly is a win-win.”

To learn more about Lockard Reed’s communities, visit us online at Lockard Reed.com.

Contact: Nicole Storey, 704.231.3356, nicole@storeypartners.com

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