HomeMy WebLinkAboutNew HOPE Interview Follow-up08/14/2024
New Helping Ordinary People Excel (HOPE) Community Development Corporation (CDC)
Attn: Theo McClammy, Housing Program Manager
Re: WHSP FY24-25 Post Submission Interview Notes
Dear Mr. McClammy,
Thank you for the opportunity to further discuss our Workforce Housing Support Program (WHSP)
FY24-25 application. We appreciate the chance to clarify key aspects of our proposal and would
like to provide additional context and corrections.
Clarification on Area Median Income (AMI) Distribution:
We identifled a typo in our initial application concerning the allocation of units across various AMI
levels in our Rental Assistance Program. The correction refiects our commitment to assist those
most in need, across diverse income ranges within New Hanover County. The corrections are as
follows:
• 22 units at or below 60% AMI
• 25 units between 61-79% AMI
• 80 units between 80-120% AMI
Clarification on Period of Affordability:
We will use Licensed Realtors, Certifled Housing Counselors, and Case managers to train and
prepare participants for our Downpayment Assistance Program (DAP), for flrst-time home buyers.
Our DAP is modeled directly after the North Carolina Homeownership Assistance Program. We
insure a 20-year period of affordability, by insuring the home is for primary residence, and require
fllling a DAP Deed of Trust, for the amount given toward the purchase, as a zero percent interest rate
loan. Should the DAP participant try to sell or transfer an ownership interest in the home before the
5-year period, the entire amount recorded in the Deed of Trust must be repaid to DAP and funds will
be collected and used by another eligible household.
Thank you again for this opportunity to clarify our proposal and reflne the details. We believe this
approach strikes a balance between housing stability and the realities of homeownership, ensuring
our program remains effective and equitable.
We look forward to continued collaboration.
Warm Regards,
Robert L. Campbell
CEO, New Hope CDC