AG 2001 10 22 - Laserfiche WebLink

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What are the relative housing values for minority and non-minority communities of similar economic composition? No information available. Can nondiscriminatory reasons for these differences be identified? If yes, list them. Yes. The main nondiscriminatory reason can most likely be attributed to the lower property values of the smaller, older homes which traditionally are located in the minority neighborhoods. These homes are on smaller lots than thc newly developed housing. Often, many homes in the older neighborhoods need maintenance or rehabilitation work. Identify any barriers to homeownership opportunities within your jurisdiction. Lack of knowledge of the home buying process can be a problem. Many individuals and families do not understand the loan process, credit, budgeting and home maintenance. This County has a Community Development Corporation which teaches and assists individuals and families in home buying, budgeting, and home maintenance. Many individuals with disabilities may encounter barriers when seeking to purchase a home, although many newer homes are being built on slabs with universal access so that persons in wheelchairs can have easier access (without modifications). Cabarrus County does have a program to address handicap accessibility for qualified individuals. This program allows for homes of qualified applicants to be rehabilitated to address handicap accessibility issues. The costs of homes and land in this area are large barriers. Cabarrus County has become somewhat of a bedroom community to Charlotte. The local Community Development Corporation and local government CDBG and HOME programs have made efforts to provide financial support and affordable housing to increase housing choice. Local govemments support the Cabarms County Community Development Corporation which produces affordable housing and also provides homebuyer education. Additionally, local governments rehabilitate older homes as well as construct new affordable housing. Step 8. Discrimination is Financing 3. Are local lenders signatories of HUD's Best Practices Program? According to HUD's webpage, none of the local lenders are signatories of the Best Practices program. (See Appendix F) Examine the Home Mortgage Disclosure Act information in your area. Is there evidence of higher denial rates for minorities and Iow-income individuals: Appendix A contains information from the Federal Financial Institutions Examination Council on the Charlotte MSA, in which Cabarms County lies. The attached information in Appendix A tied many of the denial rates to debt to income ratios, employment history, credit history and insufficient cash. The overall denial rates for conventional loans ( Table 4-2 in Appendix A) are as ('ahar,,'u', ('emu/i- Ina/v',i', ~¥ hn?cdimcnt.', w I:au' /hm.~,ing l~----.-- O Page 16of22