| [Cont. from page1] These financing tools are designed to create economic opportunity where traditional sources of capital are unavailable. And now, thanks to the new syndication and the continued support of our banking partners, Initiative Capital has the opportunity to impact more underserved communities than ever before.
Everett Wallace, President of Initiative Capital, is excited about the possibilities. “This is a remarkable accomplishment. There has never been such a syndication of banking interests designed to support economic |
development in low-resource areas. It is even more unique to have that group include all of the minority banks in this state. We will be working closely with our banking partners to make additional funds available for projects in these communities.”
To learn more about Initiative Capital or to access our online application and resource materials, visit us on the web: www.ncinitiative.org/lending |
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The Initiative Takes on Role of Broker in Kinston, NC
When Project Homestead, a former Initiative grantee, closed its doors in 2004, uncertainty surrounded the future of 9 homes and 10 lots owned by the organization in Kinston. Located in the Brentwood subdivision next to Kinston High School, the single-family homes were built to provide affordable housing for victims of Hurricane Floyd. The project was fueled by grants and loans from the Hurricane Floyd Recovery funds, which were appropriated in 1999 by special session of the General Assembly. Yet issues related to Project Homestead’s closing prevented the Brentwood subdivision from ever being completed. Unwilling to stand by and watch the 9 existing houses become rental properties, the Initiative partnered with BB&T to broker the homes. In collaboration with the NC Rural Fund for Development, the NC Housing Finance Agency (NCHFA) and a local contractor, the Initiative is restoring these houses and selling them to low-income homebuyers as originally intended. In addition, the Initiative plans to complete |
the project by developing and selling the 10 remaining lots. But as for now, we have some houses to sell. In order to find and qualify local applicants, we have established a homebuyer education course, held on Saturdays in Kinston. The classes also fulfill a requirement of NCHFA’s New Homes program, which provides down payment assistance of up to 20% of the home price.
“Our efforts have been successful in reaching families who had previously been
discouraged with
the idea of
becoming homeowners,” said Leon
The Initiative is working on the front lines to preserve homeownership in Kinston.
Right: Willie Dixon (right) and Terry Warren (left), a local contractor, discuss renovations. Bottom Left: The Initiative is selling 6 homes on Brentwood Dr (shown) and 3 on Lockwood Rd. Bottom Right: Establishing a visible presence in the neighborhood. |
Johnson, an employee of the local Rural Fund office where the classes are held. “Knowledge is power, and we want to help them obtain the knowledge they need to make their dream a reality.” The course is taught by one of the Initiative’s certified homeownership counselors, Willie Dixon, who is also the project manager. Dixon and the entire Initiative staff are always grateful for an opportunity to be part of the solution. |
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