Teachers

Greenville Housing Fund

Greenville Housing Fund Launches Homes for Teachers Initiative


Greenville, S.C. (September 4, 2008) – Greenville Housing Fund (GHF) is pleased to announce the launch of its new Homes for Teachers Initiative. This innovative financing program, made possible by a generous $250,000 grant over two years from the Community Foundation of Greenville, is designed to provide local teachers with the much needed down payment and closing costs which enables them to become first-time homebuyers.

Homes for Teachers targets first-time homebuyers by providing forgivable loans up to $5,000. The loans may be used for all or a portion of closing costs, for all or a portion of a down payment or to reduce the principal amount of a first mortgage. The loan is forgiven if certain conditions are met and the homebuyer remains in their home for more than a five-year period. In addition to benefiting individual teachers, this program is a key element in an overall effort to promote economic stability and growth in Greenville.

The Greenville County Schools (GCS), which hires more than 750 teachers each year, is pleased to partner with GHF to enable new teachers to become homebuyers. This program, in turn, will assist in GCS’s overall recruitment and retention efforts by offering teachers financial assistance for establishing roots in Greenville.

Greenville Housing Fund
The Greenville Housing Fund (GHF) is a non-profit organization established in 2008 to provide for an increase in the availability of affordable housing in Greenville County. GHF offers a variety of assistance programs including: deferred payment loans; low- or no-interest amortizing loans; grants of forgivable loans; down payment and closing costs; owner-occupied rehabilitation loans; and emergency home repair. Major funding support for GHF includes contributions from public and private sources. The Greater Greenville Association of Realtors (GGAR) is a proud supporter of GHF.


Purpose
GHF will provide non amortizing subordinate mortgage loans to lower the purchase price of a home for qualified teachers in Greenville County on a first come, first ready basis. GHF will provide a 5 to 1 match up to $5,000 per homeowner. Applications are accepted and evaluated continually throughout the year. Funding is limited.

Eligible Sponsors
Applications for Homes for Teachers will be accepted from local employers, realtors, nonprofit developers, for profit developers, government entities, nonprofit/for profit developer partnerships, and current GHF lending partners.

Eligible Buyers
The buyer must
· Contact an eligible sponsor to apply to the program.
· Be a first time homebuyer or have not owned a home in the past three years.
· Meet the income requirements. Annual household income must not exceed 120% of the area median income.
· Complete a home buyer's education seminar acceptable to GHF.
· Secure a 30-year, fixed rate first mortgage.

Eligible Properties
· New and existing properties in Greenville County are eligible.
· Fee simple ownership is required.
· The home must be the buyer’s principal residence. Rental property is not eligible.

Eligible Uses
· Loans may be up to $5,000 and are subject to homebuyer securing the maximum affordable first loan mortgage that the lender will allow
· Funds may be used when purchasing a home:
- for all or a portion of closing costs
- for all or a portion of a down payment
- to reduce the principal amount of a first mortgage

Terms
· Funds will be released to the closing attorney.
· GHF subsidy will be a 5-year non amortizing subordinate loan at 0% interest. The loan will be forgiven after 5 years if certain conditions of affordability are met.
· The GHF loan will be secured by a promissory note and a mortgage lien on the property.

Fees
· A $200 loan origination fee will be due at closing.

Program Administration
· Tiffany Foster, Administrative Assistant
ghfund@bellsouth.net




GREENVILLE HOUSING FUND
Greenville MSA

Area Median Income
1Person
2 Person
3 Person
4 Person
5 Person
6 Person
30%
11,850
13,550
15,250
16,950
18,300
19,650
50%
19,800
22,600
25,450
28,250
30,500
32,750
80%
31,650
36,150
40,700
45,200
48,800
52,450
100%
39,600
45,200
50,900
56,500
61,000
65,500
120%
47,520
54,240
61,080
67,800
73,200
78,600
*Homes for Teachers
*Homebuyer Assistance Program
*Homebuyers Assistance Program-GCRA up to 80% AMI Only
Notes:
1) Homes for Teachers and Homebuyer Assistance Program Income Eligibility up to 120% of AMI.
2) Homebuyer Assistance Program using GCRA Home Funds income Eligibility up to 80% AMI.
Funds may only be used in unincorporated areas of Greenville County.