Creating a Path to Affordable Housing

A Real Estate Group Fights for HOUSING FOR ALL

By Tonya Jameson

Kenneth Greene still remembers the feeling of closing on his first house. It was the day after Christmas in 2018, but for him it still felt like Christmas day.

Most homebuyers can relate to the exuberance that comes with getting the keys to their new house, but Greene also recalls the hurdles that he leapt to get those keys. As a first-time homebuyer living outside of Charlotte with limited savings, the odds were stacked against him. Greene, however, gained what many aspiring homebuyers lack – knowledge.

Greene teamed with Jaime Young of Canopy Realtors, which has a foundation that specializes in assisting middle-income, firsttime home buyers.

“My passion is to help minorities own more,” Young said. “Everybody should have an equal opportunity to own the American dream. We have to build wealth in our community. It can’t just be in one community.”

Working with Greene and buyers like him isn’t simply about making another sale, it’s part of the mission of the Canopy Housing Foundation to help first-time homebuyers. The foundation is the charitable arm of the Canopy Realtor Association. The association says it works to address unmet housing needs and advocates for fair and affordable housing standards and practices. The foundation checks the familiar affordable housing boxes such as supporting Habitat for Humanity. The foundation uses the same criteria for qualification as organizations like Habitat for Humanity. In fact, the foundation conducts a Habitat Support Program to fund regional Habitat for Humanity organizations and its Community Grants Program aids local housing organizations to expand and improve the sustainability of housing in the community.

Most impressive, however, is the foundation’s commitment to educating realtors about affordable housing and the needs of minority homebuyers through its Workforce Housing Certificate Program. “We want to go out of our way to make sure that we provide housing for all people,” Young said.

The organization specializes in serving middle-income individuals such as teachers, firefighters, police, nurses and retail workers. Homebuyers applying for down payment assistance must take an eighthour course provided by organizations such as Community Link, Young said. Greene, a store manager, said that education was critical to helping him buy his house in Gastonia in December 2018. Kenneth Greene Still, it wasn’t easy. “We were denied a good four or five times before we got that yes,” he said. In the homebuyers’ course, Greene learned about finances, budgeting and what to expect during the homebuying process, among other things. He learned tips such as the importance of being able to show proof of an established savings. He learned the hard way that getting a title loan on a car to show proof of savings wasn’t acceptable. He learned about the importance of showing consistent employment at the same company. His Jaime Young wife at the time often switched jobs and that counted against them, he shared. “I’m glad I went through that. It taught me to appreciate everything.” After Greene and his wife divorced, he sold the house and received more than the listing price. He used the money to pay off debt and rebuild his finances. Although Greene is currently living in an apartment, his goal is to buy land and build again. Next time, he says, he’ll know what to expect. Greene’s advice for potential homebuyers is to save, save, save! P

Top 5 Myths to Homeownership

1Income – I can't afford a home because I don't make enough.

2Down Payment – You need to have 20 percent down to own a home.

3Credit – You need a 700 + credit score.

4Student Loans – I have too many loans.

5Home Ownership – It's cheaper to rent than to buy.

Source: Jamie Young Kenneth Greene’s first home in Gastonia, N.C.

Finding Joy After the Struggle

Chloe-Olivia Gloston and her family continue to rise above their challenges with hard work — and a little help from INLIVIAN

Have a conversation with college student Chloe-Olivia Gloston, and it’s hard to walk away feeling anything but inspired — she has big plans for her future. She’s a musician who first learned piano at the age of three, followed by guitar and several other instruments. She has her own nonprofit, The Chloe Olivia Foundation, that’s dedicated to helping victims of bullying, abuse and those having suicidal thoughts through events and fundraising efforts. In addition, and after graduating from Queens Grant High School a year early, she is now a freshman at Oglethorpe College in Brookhaven, Georgia, where she studies film and media.

Gloston’s accomplishments are even more incredible after hearing how much adversity she’s had to deal with in her young life. She and her family — her mother, father, and younger brother — suffered from housing instability, so much so that Gloston had enrolled in four different schools before the age of eight. Immediately following her first-grade year, the family separated after being evicted, with her father staying behind in Charlotte and living in a van while Gloston, her mother, and brother traveled to Rochester, New York to stay with family. “That was one of the hardest things I’ve ever had to do,” she says. The time in Rochester was challenging for Gloston, as she experienced bullying and physical abuse from students at school as well as her own family members. “It made my family into the people we are today,” she says, “but it was not without a struggle.”

The Gloston family was able to reunite in Charlotte and stayed in a hotel for nearly three months before receiving a Veterans Affairs Supportive Housing (VASH) voucher, which INLIVIAN helped them secure. “VASH is a program for homeless veterans, and my dad was in the Navy,” Gloston explains. “It helped us get to a place where we were more stable, and it put us in the position where we had a roof over our heads.” That stability translated to Gloston’s schooling as well, and she was able to attend Matthews Elementary and Crestdale Middle School before heading to Queens Grant High School, a close-knit, diverse charter school in Matthews.

“This family’s struggles give an extremely personal insight and perspective on how the lack of affordable housing options impacts an entire family’s mental, emotional, physical and spiritual stability,” says INLIVIAN President and CEO A. Fulton Meachem Jr. “Now more than ever, our mission to provide affordable housing options combined with supportive services is vital in helping families break the cycle of poverty and create new legacies for generations to come.”

In the Spring of 2020, Gloston knew she wanted to go to college, but wasn’t sure of next steps. “College was a family decision for us, but we knew we wouldn’t be able to afford the full tuition,” she says. Working with INLIVIAN’s Supportive Services Youth Outreach Team, Gloston was encouraged to apply for several scholarships specifically tailored for students served through housing assistance. This year, she was awarded two scholarships: one from the Public Housing Authority Directors Association and one from The Carolinas Council of Housing Redevelopment & Codes. “Being able to see that tuition number go down really helped,” Gloston says. “My mom was not able to go to college, and my dad did go, but didn’t finish — so the scholarships will help me attend and commit to finishing.”

Gloston credits INLIVIAN for helping her and her family gain a steady footing in their lives. “I don’t think I — or we — would be where we are without them,” she says. “Even though I’m moving on to the next season in my life, the impact that INLIVIAN had hasn’t left.”

For information about INLIVIAN’s housing and resident living services and options, visit https://www.inlivian.com/.

Chloe-Olivia Gloston

Chloe-Olivia Gloston and her family.

Putting Down Roots:

Resources to Help Achieve Your Homeownership Goals

By AJ Barkley, Head of Neighborhood and Community Lending, Bank of America

Cultivating community and belonging was no easy feat amidst the pandemic; yet, despite limited face-to-face interactions, individuals responded with great resilience. Looking ahead, how do we restore a sense of community after being physically apart? For starters, homeownership has long encouraged residents to connect with neighbors, build a community and put down long-term roots, creating incentive to become involved in their neighborhoods.

According to Bank of America’s 2021 Homebuyer Insights Report, individuals across all generations are looking for belonging when it comes to where they live. In fact, half (51%) of ages 18 to 43 and one third (33%) of ages 57 to 75 say community has become more important over the past year. Furthermore, the National Association of REALTORS® found that to be true as many more Black/African-American millennials become homeowners.

Grant programs and educational resources offer future homebuyers a path to increased stability

Beyond a sense of community, homeownership can provide stability and control over one’s living environment. Despite the uncertainty of the past year, 65% of younger homeowners say their financial security has remained stable compared to 51% of younger non-homeowners.

Younger prospective buyers are eager to own and nearly half (46%) say that building equity is more important than ever. While many can afford monthly mortgage payments, the upfront costs may make homeownership seem out of reach. To address the most common barriers to homeownership, Bank of America offers low down payment mortgages, as well as grants to help cover upfront expenses, through its Community Homeownership Commitment. Visit bankofamerica.com/ homeowner to learn more.

With one of the most generous grants in the industry, we offer up to $17,500 in combined down payment and closing costs grants (the grants are not a loan, so you don’t have to repay them). Bank of America grants may also be joined with externally provided home buying assistance.

Down Payment Grant program helps buyers overcome the biggest barrier to homeownership – down payment. In more than 260 cities and counties across the country, including Charlotte, eligible buyers can receive 3% of the home’s purchase price up to $10,000, whichever is less, to be used toward their down payment. No repayment is required.

America’s Home Grant® program

offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and can be combined with funds from the Down Payment grant program listed above.

If you’re not yet ready to buy a home but want to take some immediate action to prepare for the future, the first step should be to visit the First-Time Homebuyer Online Edu-Series at bankofamerica.com/ homebuyer. Available in English and Spanish, the series provides an easy-tounderstand roadmap to buying and financing a home.

Hopeful homebuyers can use digital tools to put their best foot forward

The last several months have shown us how much we value personal interaction, but we’ve also learned that digital tools can make our everyday lives easy and more efficient. For buyers ready to start their home purchase, the Bank of America Digital Mortgage Experience® allows buyers to secure a mortgage preapproval online at bankofamerica.com/mortgage/digitalmortgage-experience or via their mobile banking app, so they can begin their house hunt with a competitive edge.

Then, the Bank of America Real Estate Center® provides a simple way to research neighborhoods, shop for homes and identify properties that may be eligible for the bank’s homebuyer grants. Visit realestatecenter. bankofamerica.com to search for properties.

A lot has changed in the past year, but the desire to own a home remains strong. Achieving homeownership is no small feat, but there are numerous tools and resources to help individuals and families begin building a family legacy and longterm wealth. P