SPARANBURG, S.C. (FOX Carolina) - First-time homebuyers in Spartanburg can now get up to $20,000 in financial support as part of a new homeowner assistance program.
"It's huge for the city to be able to step up the amount we're able to help folks," Christopher George, communications director for the City of Spartanburg, said.
The city is partnering with CommunityWorks to alleviate the costs of buying a home.
"Since COVID, we've noticed an increase in sales prices in Spartanburg, and this program will allow [people] to purchase their first home," Martin Livingston, Jr., community development director for the city, said.
Previously, residents could only get $5,000 for a down payment and/or closing costs; but new federal funds now allow the city to offer up to $20,000.
"The city received an allocation of treasury funds for American Rescue Plan programs, and there were several discussions about increasing homeownership assistance throughout the city. Two or three years ago there were some discussions about increasing the funding for the program," Livingston explained.
"By adding $15,000, we are allowing homeowners to keep more in their pocket to handle those emergency homeowner things they aren't planning for, instead of depleting their savings," Katy Davenport, chief strategy officer for CommunityWorks, added.
The program is more than about giving people a shot at owning their first home. It's also about keeping Spartanburg natives in the city, as development projects bring more interest to the Upstate.
"Seeing those houses get out of reach for folks who have lived here a very long time, for people who have been renting and have been trying to get into home ownership but can't- so a program like this, to build a ladder to get people into their first home, is more critical than it ever has been for us," George explained.
"Because of the growth we're seeing, folks who are moving here from somewhere else with more money would be able to outbid them for their homes, and we would end up with displacement," he continued.
The city is already looking for eligible buyers.
"We recommend that individuals have already been speaking with a mortgage lender, have a pre-approval from that mortgagee lender, and have plans to purchase a home in the city of Spartanburg," Davenport said.
Other qualifications include a household income at or below 80% of the area median income. For a family of four in Spartanburg, that would be equivalent to around $60,000.
Officials say supporting neighbors supports the city.
"When folks are invested in the community because they've purchased a there, they're way more invested in seeing that community thrive because they're thinking about the future," George explained.