Bank of NC Investing $5 Million to Build Affordable Housing in High Point

Bank of North Carolina is investing $5 million in an effort to build affordable housing in High Point. From a story in Triad Business Journal:

Seeking to have a direct impact on the city that’s home to its headquarters, Bank of North Carolina will build affordable housing in struggling High Point neighborhoods and sell the new homes using a new mortgage product crafted for a population of potential homeowners now being underserved…

The bank’s effort will be in partnership with the city of High Point, which has had a downpayment assistance program in place for several years, and also has an inventory of vacant lots and reclaimed properties in lower-income neighborhoods that could provide land for the housing effort…

What Bank of North Carolina is proposing is to begin building three-bedroom, two-bathroom houses priced in the $70,000 to $80,000 range…

The idea would be to sell the homes at cost or near cost, with the new homeowners using a mortgage product Bank of North Carolina rolled out several months ago focused on those potential homeowners that lenders typically don’t target.

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