May 31, 2019
One-Hundred Homeowners. One. Zero. Zero. That’s how many homeowners we have created in 2019, and we’re only halfway there!
This is an exciting milestone for CHP Homeownership because of the national conversation around the affordability gap in homeownership opportunities. The New River Valley is especially impacted by high home costs and low affordability. The median household income simply cannot afford to purchase the median sales priced home.
We are doing our part to provide resources that will offset some of the pressure by closing the gap and providing access to healthy, affordable and sustainable housing for those who may otherwise not have the means to do so.
We have teamed up with Wells Fargo and NeighborWorks America to boost homeownership opportunities in Washington, D.C. and Prince George’s County, Maryland. The NeighborhoodLIFT program will provide $7.1 million in down payment assistance administered through CHP. Less than two months into the program, we have closed our 100th loan. This translates to just over $2 million in down payment assistance.
“NeighborhoodLIFT is a great example of the positive impact that can be created through leveraging partnerships. This investment has such a positive impact for the community at large,” explained Jake Powell, Director of Homeownership. “We are thrilled to be part of the impact and hope it can serve as a model for future investments and stabilization here in the New River Valley.”
Looking forward, CHP Homeownership will work on closing the remaining funds through NeighborhoodLIFT. Within three months, we will have created 250 homeowners and deployed $7.1 million in down payment assistance.
Speaking about his team, Jake Powell said, “It’s impressive to see CHP Homeownership’s capacity to deliver a program of this magnitude so quickly and successfully. We have an incredible team of homeownership experts that are dedicated to serving our community.”
Future opportunities to do such a program in the New River Valley is a goal, and currently there are some exciting projects in the pipeline. We’re excited to keep up this momentum in 2019! Are you ready to open your door to homeownership? Contact us today at www.chphomeownership.org, email@example.com or give us a call at 540.260.9039.