Housing and Community Development’s (HCD) Housing Services Program offers several programs directed toward assisting EBCI tribal members attain homeownership. Through a concerted effort with lenders Wells Fargo and First Citizens and HCD’s own Portfolio Program and other lending programs, HCD is able to offer housing opportunities to many whom never thought homeownership was possible.
HCD’s Housing Services utilizes the following programs:
- Down Payment Assistance Program – HCD will assist enrolled members with obtaining down payment assistance of 20 percent of the sales contract price up to $30,000 when an applicant receives a loan prequalification from Wells Fargo, First Citizens or another lending institution. Down Payment Assistance is only available to purchases or construction on trust lands.
- Rehabilitation Loans – Loans are available to eligible applicants to renovate and/or rehabilitate their existing homes. Maximum loan amount is $25,000 for enrolled members who own their own homes; HCD will take a second lien position on homes that are still under contract with a lending institution and $7,500 for members with an existing agreement with Qualla Housing Authority. Applicants must meet established criteria for approval.
- Portfolio Loan – This program enables potential homebuyers with less than good credit to attain a mortgage loan through tribal funds. Applicants must demonstrate a willingness to repair their credit and meet certain financial thresholds to gain loan approval.
- Rate Buy Down – HCD will assist approved mortgagees with funds necessary to reduce higher interest rates offered by their lending institution. This assistance is considered non payable.
- Land List – Housing Services maintains a listing of interested individuals wishing to purchase HCD properties, individuals must not have land in their own name or possess land which has been deemed “unbuildable” in order to be placed on this list. When a development is complete and ready for sale or as HCD properties become available, individuals will be contacted by their order on the Land List. To be placed on the Land List, interested enrolled members must complete a Land Inquiry form indicating their choice of community.
HCD Housing Services is located at 756 Aquoni Road, Cherokee, NC 28719. Info: 554-6900 to make your appointment
– EBCI Housing & Community Development