Smitherman
Village
Rent-to-Own
Program Offers New Hope for the Residents of Troy.
Grantee
Town
of Troy, North Carolina
History
The
Town of Troy is like many others throughout the state. Many residents
in Troy have the dream of becoming homeowners, but many have been
unable to take the necessary steps to homeownership. Leaders in
Troy have created a program to help residents fulfill their dreams
of purchasing a home.
Mayor
Roy Maness, along with others, created a rent-to-own program that
is giving residents of Troy hope. The project is being developed
in a blighted neighborhood that was once called "mill hill"
and is now Smitherman Village. The former neighborhood began to
deteriorate once a textile mill closed 40 years ago. A three-block
section is being developed during the first phase of the project.
The new neighborhood will be filled with affordable single-family,
stick-built homes. 61 year-old, lifelong Troy resident Easter Butler
was a member of one of the first families to move into Smitherman
Village in December of 2003. Butler previously lived in public housing
since 1977. For Butler this opportunity is a dream come true and
a gift from God.
In 1995, Butler wrote a letter to Mayor Maness and Troy Housing
Authority Executive Director Libby Dawkins about her dream of being
able to own a home. At the time town leaders were unable to help
Butler. However, the mayor never forgot her letter, and when the
Smitherman Village development project began she was the first citizen
he thought of.
Results
The
rent-to-own program enables participates to rent their new homes
for two years. During these two years a home counselor provides
families with educational training and counseling on owning a home.
These sessions are mandatory for participates and continue throughout
the participants mortgage life.
After the homes are sold to the participants, the proceeds will
go towards the construction of new houses for the program. This
creates a type of "revolving fund" to continue the program with
more houses and more participants served. Once more houses have
been constructed; a neighborhood association will be formed among
the participants.
This
development project was funded through a Community Development Block
Grant of $600,000 and $458,000 from HUD, $50,000 from the USDA-Rural
Development, $60,000 from the Z. Smith Reynolds Foundation and $60,000
for a Powell Bill Contribution. Town officials hope to build six
to eight more homes by next December.
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