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II. Conclusions: A. Impediments Found Research results show that the primary barriers to housing choice in Cabarrus County are economic and educational in nature. More specifically, the issues appear to include the general public's understanding of Fair Housing laws, a lack of understanding of the home buying process by potential buyers, a low number of affordable accessible housing units available, and access to affordable loan packages and loan modifications which promote and maintain housing choice. 1. Current Lending Products and Packages. Recent changes to lending products and packages have created obstacles to homeownership for lower income families. New credit requirements that have been created since the housing market crash may disqualify many families from homeownership or loans that may provide better housing choice. According to local nonprofit agencies, new HUD regulations regarding mortgage insurance are causing monthly mortgage costs to rise. This increase limits low to moderate income families from housing choice due to being potentially disqualified for loans that expand their options in the market. 2. Fair Housing Awareness. Cabarrus County staff has had no fair housing complaints in the past fifteen years. This is indicative of one of two potential scenarios. Either there are no violations of housing opportunity in this county or people are unaware of their rights. It is more likely that fair housing violations go unreported due to a lack of understanding or knowledge of the rights of protected persons and families. Awareness in the private sector, as well as with the average individual, is a crucial step in addressing this particular barrier. 3. Knowledge of the Home buying process and associated costs. Many families or individuals wishing to move into homeownership are not well informed about the process of purchasing a home. This lack of knowledge may make them vulnerable to potentially unscrupulous parties in the home buying process, predatory lenders, and poor loans which can limit housing choice through cost. Additionally, people new to homeownership may not understand the cost of home maintenance and budgeting for those and other associated costs (insurance, taxes, etc.). 4. Transportation. Changes in housing growth patterns in recent years have led to more suburban housing options in Cabarrus County. However, transportation from these areas to employment and service may be a limiting factor for some families in accessing these housing choices. Economic factors may limit the ownership of a vehicle, which may in turn limit access from these housing options to employment and services. 5. Affordable Accessible Units. Nonprofits servicing individuals and families with disabilities report a lack of affordable, accessible housing units and statistical data supports their contention. These groups have expressed a need for supportive and transitional housing units to serve their client base and have produced an apartment complex in an adjoining county. 31Page Analysis of Impediments September 2015 Attachment number 1 \n F -6 Page 95