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CONCORD — In the battle of homeless in Cabarrus County, City Council is doing what it can to help a Concord woman stay off the streets.

In 2000, the City of Concord built and purchased a home at 730 Central Drive NW.

Through the HOME Program Income, the City used those funds to finance the purchase of the home to a new homeowner.

The City contracted with SunTrust to manage the loan at a 5 percent interest rate over 30 years.

The homeowner has been struggling to make payments, but only has 11 more years on the contract, so the City took over the service from SunTrust and dropped the interest rate to 2 percent.

“The lady had gotten behind a couple of months on her payment and, according to SunTrust’s policies, once you get so far behind after 90 days, they won’t accept any partial payments. They want everything paid in full,” Concord City Manager Lloyd Payne said. “She was behind, even though she had some money to pay, (SunTrust) said they were going to foreclose, so we asked them to not foreclose on the property, let us see if there is something we can work out.”

The City of Concord recalculated the rest of the 11-year term, and helped the homeowner have a lower payment.

“She was willing to do that but she has to stay current with us as well,” Payne said. “We have to ability to foreclose just like the bank does. We certainly don’t want to do that without giving this lady every opportunity.”

The City of Concord no longer deals with banks for loans on houses it builds and purchases,

The City of Concord worked with a homeowner so she can remain in her home.

“That was kind of the whole purpose behind it,” Payne said. “The only other option was to foreclose on the loan and throw her out. It’s one less homeless person. Now we have provided her with additional hope so she can stay in her home. This is the City stepping up and saying, ‘We are willing to work with you but reducing that interest rate.’”

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