By Derik Hicks
Owning a home may feel out of reach right now. Home prices are high. Interest rates have increased, and saving enough money for a down payment can take years. But before you give up on your dream, know that help is available.
The City of Charlotte offers programs that can help qualified buyers cover some of the biggest costs of purchasing a home. It’s also working with developers to build more homes at prices working families can afford.
“There’s a great need for affordable homeownership in Charlotte,” said Warren Wooten, deputy director of the City’s Housing and Neighborhood Services Department.
One of the most important resources for buyers is the House Charlotte program. Qualified first-time homebuyers may receive up to $80,000 in assistance. The money can be used toward a down payment, closing costs, or an interest-rate buy-down, which can help lower the monthly mortgage payment.
Not every applicant will receive the full $80,000. The amount depends on the buyer’s income, finances, and the cost of the home. Each application is reviewed to determine how much assistance the buyer needs to make the home affordable.
The city also helps developers build homes at lower prices. Through the Housing Trust Fund, the City can provide funding to help cover development costs. Developers may also receive zoning benefits that allow them to build more homes on certain properties.
These partnerships are already producing results. Wooten said the city approved funding for 382 affordable homeownership units during the 2024–2026 funding period. That number does not include families receiving down-payment assistance through House Charlotte.
One project underway is Hoover Townes, a community of 39 new townhomes near Sugar Creek Road and I-85. The development will replace the former Economy Inn; a property once connected with crime and neglect. Prosperity Alliance, a nonprofit developer, is transforming the property into a place where families can own homes, build equity, and become part of a stable community.
Marcus Kornegay, executive director of Prosperity Alliance, said the townhomes are expected to cost approximately $240,000 to $260,000. The homes are being built for working families who might otherwise be priced out of Charlotte’s housing market. Eligible buyers may be able to combine assistance from House Charlotte with other programs to make the homes more affordable.
Kornegay said the city’s involvement was essential. The city acquired the property and made it available for affordable homeownership development. Prosperity Alliance is also working with True Homes and financial partners to reduce costs without lowering the quality of the homes. “We don’t believe affordable should mean lower quality,” Kornegay said. “Our goal is to reduce the cost structure around the home, not the quality of the home itself.”
Shawn Kennedy of Prosperity Alliance said Hoover Townes is intended for families earning about 80 percent of Charlotte’s area median income. The development is especially focused on helping local “community heroes,” including people who serve Charlotte but struggle to afford a home in the city where they work.
If owning a home is your dream, your first step doesn’t have to be applying for a mortgage. Your first step can simply be asking questions. Contact a housing counselor. Learn about House Charlotte. Find out what you qualify for and what you need to improve. Even if you are not ready today, you can begin preparing.
As Kornegay explained, the goal at Hoover Townes is not simply to build 39 houses. “It’s to create 39 successful homeowners,” he said.
For Charlotte families ready to plant roots, stabilize their housing costs, and begin building generational wealth, that support could turn a distant dream into an attainable address.