FHLBA Workforce Housing Plus+

FHLBA Workforce Housing Plus+ pays up to $15,000 as an outright grant. A Charlotte, North Carolina buyer financing a $420,000 home with FHA owes a $14,700 minimum down payment (3.5%), so the grant covers all of it and leaves $300 for closing costs. Nothing has to be repaid, and no lien is recorded on the home.

Charlotte closing costs typically fall between $8,500 and $12,500. After the $300 left over from the grant, this buyer still brings roughly $8,200 to $12,200 to closing. That figure already includes the $1,000 of personal funds the program requires every buyer to contribute, so no extra cash is needed on top of it.

Buyers who also qualify for a state program like the NC Home Advantage Mortgage (up to 3% of the loan amount as a deferred second mortgage) could combine that with the FHLBA grant. On a $405,300 FHA loan, 3% equals roughly $12,159, which when paired with the $15,000 FHLBA grant provides a combined $27,159 in assistance, enough to cover the full down payment and most or all closing costs.

The FHLBA Workforce Housing Plus+ Program cannot be combined with the FHLBA First Time Homebuyer Product ($17,500) or the FHLBA Community Partners Product ($20,000) because FHLBA allows only one of its homebuyer grant products per transaction. You choose whichever FHLBA product best fits your income level and eligibility. Workforce Housing Plus+ is the one to pick if your income sits between 80.01% and 120% of AMI or you have owned a home before.

Workforce Housing Plus+ can be combined with state and local down payment assistance programs. In North Carolina, buyers could pair it with the NC Home Advantage Mortgage (up to 3% of the loan amount as a deferred second mortgage) or the NC 1st Home Advantage Down Payment ($15,000 forgivable loan) for a combined $30,000 or more in total assistance. Compatibility depends on meeting each program's separate income and eligibility requirements, and your lender must participate in both programs.

The grant works with FHA, VA, USDA, and conventional first mortgages. For the strongest combination, pair Workforce Housing Plus+ with a zero-down VA or USDA loan if you qualify. The entire $15,000 grant can then go toward closing costs, potentially covering your full cash-to-close amount minus the required $1,000 personal contribution.

The biggest advantage of the Workforce Housing Plus+ Program is the day-one forgiveness structure with no repayment, no retention period, and no lien. This makes it functionally free money, which is rare among down payment assistance programs of this size. The 80% to 120% AMI income range also serves a population that most DPA programs miss entirely: moderate-income earners who make too much for traditional low-income assistance but still struggle with upfront homebuying costs. Unlike the FHLBA First Time Homebuyer Product, repeat buyers are eligible.

On the downside, the $15,000 maximum is smaller than the FHLBA First Time Homebuyer Product ($17,500) and Community Partners Product ($20,000), though neither of those alternatives offers day-one forgiveness. Funding availability is a real limitation because allocations are distributed first-come, first-served and lenders receive only $500,000 to $750,000 per offering period. You also must work with an FHLBA member lender, which excludes most large national banks. Buyers who need more than $15,000 in assistance and qualify at or below 80% AMI should consider the First Time Homebuyer Product or Community Partners Product instead, accepting the five-year retention period in exchange for a larger grant.