Workforce Housing Loan Program Forms and Funding Information

The Workforce Housing Loan Program is a valuable resource for individuals and families who need help affording a home. The program is designed to provide financial assistance to those who work in certain industries, such as healthcare, education, and social services.

To be eligible for the program, applicants must meet specific income requirements, which vary depending on the location and type of housing. In some areas, the income limit is $80,000 per year for a family of four.

Applicants must also submit a comprehensive loan application, which includes detailed financial information and a thorough explanation of their employment and income history. This application process can be lengthy and requires careful attention to detail.

The Workforce Housing Loan Program offers a range of loan options, including fixed-rate and adjustable-rate mortgages, to help borrowers find a home that fits their budget.

The Workforce Housing Program Details are designed to provide financial assistance to low-income households. Eligible households can receive up to $20,000 in assistance.

Additional reading: Housing Loan Assistance

The program offers forgivable loans to help households pay down mortgage debt, which can be repaid if the household moves or refinances the property. This loan can be used for mortgage payments, property taxes, and insurance.

Households must meet income and credit requirements to qualify for the program, with income limits ranging from 50% to 80% of the area median income. These limits vary by location and household size.

A portion of the loan is forgiven each year, with the remaining balance due after 10 years. This can be a huge help for households struggling to make ends meet.

When you're considering a workforce housing loan, you have a few options to choose from.

The Workforce Housing Loan Program offers fixed-rate loans with terms ranging from 10 to 30 years.

These loans can be used for a variety of purposes, including purchasing a home, refinancing an existing mortgage, or making improvements to a property.

The program allows borrowers to put down as little as 3% of the purchase price, which can be a significant advantage for those who may not have a lot of savings for a down payment.

Interest rates for workforce housing loans are competitive and can be lower than those offered by traditional lenders.

The program also offers a 30-year amortization period, which means your monthly payments will be lower and more manageable.

The Workforce Housing Loan Program is funded through various appropriations from the North Carolina General Fund. The program received $10 million from the cash balance in the Federal Insurance Contributions Act (FICA) Fund in the 2020-21 fiscal year.

The funding also includes $20 million in nonrecurring funds from the General Fund, which was allocated to the North Carolina Housing Finance Agency for the 2020-21 fiscal year. This funding is specifically for the Workforce Housing Loan Program.

Here are the details of the funding appropriations:

Restrictions can be a major hurdle in securing program funding. Some programs have strict eligibility requirements, such as limited geographic areas or specific demographic targets.

Programs often have maximum funding amounts, which can range from a few thousand to several hundred thousand dollars. These limits are typically set by the funding agency or organization.

Some programs have restrictions on the types of activities or services that can be funded, such as only allowing educational or job training initiatives. This helps ensure that funding is used effectively and efficiently.

Additionally, some programs require matching funds or in-kind contributions from the applicant organization. This means that the applicant must provide a portion of the funding or resources themselves.

The Critical Workforce Home Loan Program Forms are a crucial part of the application process. These forms are designed to support critical workforce members in Queen Anne’s County.

To be eligible, you must be a teacher employed full time by the Queen Anne’s County Board of Education. You can also be a law enforcement officer, correctional officer, or emergency medical technician employed full time in Queen Anne’s County by the County or municipal government.

For more insights, see: Housing Loan Officer

Emergency Dispatchers and active members of a Queen Anne’s County Volunteer Fire Company for the past 12 months are also eligible. The application process requires several forms to be completed, including the Employment Verification form, which must be completed by both the applicant and the employer.

You'll also need to complete a home ownership counseling course, which can be found on the program's website. The guidelines for the program were updated in September 2024.

Here are the forms you'll need to submit with your application:

The North Carolina Housing Finance Agency received $20 million in nonrecurring funds from the General Fund for the Workforce Housing Loan Program in 2020-21.

This funding was provided through Bill H 1208, which was enacted on June 19, 2020, and took effect on July 1, 2020.

The funds were directed to be fully allocated during the 2020 housing credit award cycle.

Here are the key dates and details of the funding: