Core City Homebuyer Incentive Program

What is Core City Homebuyer Incentive Program?

Core City Homebuyer Incentive Program is a deferred second loan for homebuyers in High Point, North Carolina.

• City of High Point place-based incentive: up to $10,000 deferred forgivable second for buyers purchasing within the designated 'Core City' downtown/revitalization district. Sales price cap $300,000. NOT FTHB-only. 5-10 year affordability period.
• City of High Point Core City Homebuyer Incentive Program: up to $10,000 in incentive assistance (deferred forgivable second) for buyers purchasing within the designated Core City district (downtown / urban-core revitalization area). Sales price cap $300,000. 0% deferred forgivable second.
• 5-10 year affordability term. NOT FTHB-only - repeat buyers eligible. Pairs with NCHFA, FHA, VA, USDA, Conventional.
• Funding comes from Local Government and Federal CDBG.

How much assistance does it provide?

Core City Homebuyer Incentive Program offers up to $7,500 in assistance.

• Buyer contribution: Buyer must contribute at least $1,000 of own funds.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Core City Homebuyer Incentive Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Deferred 0% and forgiven prorated over 5-10 year affordability period. Balance due on sale/transfer/refinance/non-owner-occupancy during term.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Core City Homebuyer Incentive Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Core City Homebuyer Incentive Program sets its income limit as follows: Income guidelines may extend to workforce levels (up to ~120% AMI) given the Core City revitalization objective; consult Community Development for current income tier published with the program.

• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Core City Homebuyer Incentive Program caps the purchase price at $300,000.

• Eligible property types include Single-family detached, Townhome, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Core City Homebuyer Incentive Program serves buyers purchasing in High Point, North Carolina.

• The program targets specific areas: Designated HIGH POINT 'CORE CITY' DISTRICT - the downtown / urban-core revitalization boundary area defined by City Community Development. Place-based incentive intended to drive owner-occupancy in High Point's central revitalization zone.

How do you apply?

Applications for Core City Homebuyer Incentive Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies including Housing Consultants Group (Greensboro/Guilford) and Community Housing Solutions..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply directly to City of High Point Community Development. Property eligibility confirmed against Core City district map., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.