HIGH POINT, N.C. -- If you’re in the market to buy a new home, the City of High Point is starting a program to offer substantial financial help.

Between city and state programs, homebuyers could get up to $22,500 in down payment assistance.

High Point leaders want to revitalize the city's core area.

"The core city is actually 11 square miles of High Point,” explained Affordable Housing Manager Richard Fuqua. “It is bounded by the east by 311, to the north by Lexington, to the West by Westchester, and to the south by 85 Business."

Their solution is a sizeable incentive program to get folks to buy a house there.

"It provides an incentive for homebuyers of $7,500 that would go to down payment assistance or closing costs,” Fuqua said. “If the individual or family stays in the home, it's forgiven at 20 percent per year over five years."

"It's very good for the city,” said Lloyd Wilson, who lives in one of the core area neighborhoods. “It's time to see these old ones go, and put up some new ones. If someone could do something with that land and property, it'd be great."

While there are no income limits, you have to buy a home at or below $200,000 to qualify.

The city is partnering with the state to sweeten the incentive deal. The North Carolina Housing Finance Agency offers its own loan assistance program where homebuyers can receive up to $15,000. It's also a forgivable loan if they stay in that home for those five years.

You have to apply for the city and state assistance separately through a participating lender.

“They would have to be able to obtain a loan through one of those lenders, and then the lender applies on the borrower's behalf. It's the same way with the state's program," Fuqua said. “We do have overlapping participating lenders, so if they were able to work with one of those lenders, they would have access to the $15,000 and $7,500 programs."

The city is holding two workshops at the public library for people interested in learning more about the core housing assistance program.

A representative from the City of High Point Affordable Housing Division will be present in the first floor lobby area of the High Point Public Library located at 910 N. Main Street to assist anyone interested. The times for the program are Wednesday, Oct. 5 from 2 – 4 p.m. and Thursday, Oct. 13 from 11 a.m. – 1 p.m.

For more information on the state’s program, visit http://www.nchfa.com/.