TRUE HOMES AND DREAMKEY PARTNERS COLLABORATE TO INCREASE AFFORDABLE HOMEOWNERSHIP WITH DOORWAY TO PROSPERITY PROGRAM
Program offers options for House Charlotte-eligible homebuyers, reduces racial disparities in homeownership
CHARLOTTE, N.C., May 3, 2022 /PRNewswire/ -- DreamKey Partners and True Homes announced today an innovative collaboration to help increase affordable homeownership in Charlotte. True Homes created Doorway to Prosperity for eligible House Charlotte homebuyers purchasing affordability-eligible homes at Citiside on the Plaza, using an approved lender.
"Our partnership with True Homes is an opportunity to invest in families and help them achieve their dreams of buying their first home," said Julie Porter, president of DreamKey Partners. "At the same time, we will help close the wealth gap and advance economic opportunity for families often impacted by racial disparities in homeownership."
House Charlotte currently offers up to $17,000 to eligible homebuyers that can be used for down payment, closing cost (including credit repair and counseling), and interest rate buy-down. DreamKey Partners administers House Charlotte on behalf of the City of Charlotte.
Doorway to Prosperity program-approved lenders are offering between $7,500 and $17,500 in down payment assistance. Furthermore, True Homes will reduce the purchase price by $7,500, and DreamKey Partners will provide $2,500 in "Doorway to Prosperity" down payment assistance.
In addition to being eligible for House Charlotte and buying a new True Home at Citiside, program requirements include:
- Completion of Financial Empowerment Education offered by DreamKey Partners
- Completion of Doorway to Prosperity Orientation offered by True Homes
- Mortgage pre-approval from a program-approved lender
"We believe that homeownership is the doorway to prosperity," said Mark Boyce, a founding partner of True Homes. "This innovative collaboration between DreamKey Partners, True Homes, and select mortgage lenders will provide opportunities for low-and moderate-income households to cross the threshold of homeownership and build generational wealth."
In response to the influx of investors purchasing single-family properties in Charlotte, each of the homes within the program will be sold to an owner-occupant that meets household income limits. They will also have a deed restriction, limiting the maximum resale purchase price of the homes and prohibiting the use of the homes for rental occupancy during the term of the deed restriction.
The Doorway to Prosperity program encourages community building by creating opportunities for long-term homeownership and sustaining neighborhoods for individuals and families for generations to come.
To learn more about this new program, please email [email protected].
SOURCE DreamKey Partners
![](https://rt.prnewswire.com/rt.gif?NewsItemId=CL43208&Transmission_Id=202205030900PR_NEWS_USPR_____CL43208&DateId=20220503)
Share this article