INTERVIEW | By Dave Vieser
Jan. 16. The Lake Norman Community Development Corp. (LKNCDC) is adding more families to its list of success stories. The goal of the non-profit is to create affordable housing opportunities for moderate income households in the North Mecklenburg/Lake Norman region.
Hoverson
LKNCDC Executive Director Michelle Hoverson, a former associate pastor at Grace Covenant Church, spelled out the details during an interview with Cornelius Today.
Question: Who qualifies and/or who are you aiming your programs for?
Answer: Our typical qualified applicant is someone who works in either Huntersville, Cornelius or Davidson and wants to move to the area or continue to stay in the area so they can live where they work. For example, we assisted a Cornelius police officer who was living in Charlotte move to Cornelius thus getting one more car off 77, but more importantly, he can now be a part of the community he serves. Applicants must earn between 60 percent and 100 percent of the average median income, which for a single earner is $39,600 to $66,000. Applicants must also agree to go through a financial coaching program. The applicant’s debt cannot be greater than 50 percent of their income.
Q: How about the property owners?
A: Their property owner must agree to accept a rental assistance check from us each month.
Q: How would someone such as a police officer, firefighter or teacher apply for funds?
A: They should go to our website, read the application qualifications and then download an application packet. They can also set a phone pre-qualifying appointment with me by requesting one through our website.
Q: What is the size of a typical grant?
A: The standard for housing costs to be considered “affordable” by Housing and Urban Development (HUD) is that a household is not paying more than 30 percent of their income on rent or mortgage. Therefore, our goal is to help a renter get to that 30 percent mark. The rental assistance amount we provide is determined on how much is needed to get to 30 percent with a $500 per month maximum.
Q: How does the CDC distribute funds?
A: Part of the application process is to get agreement from the property owner that they will accept a second rent payment check from us each month. We do not make assistance checks payable to the renter.
Q: Tell us about your board of directors.
A: It is a diverse board with government, real estate development and finance backgrounds. It’s a working board, with several volunteering multiple hours a week. We are in the process of developing a critical needs repair program to help those who are living in an affordable home preserve their home and not be displaced.
