Economic Opportunity: Creating Jobs & Financial Security

We expect our leaders to be accountable in challenging times and able to solve problems. Walter Dalton not only measures up to that expectation, he exceeds it. When federal trade policies sent North Carolina jobs overseas, Walter Dalton was there to bring jobs back home and prevent further job loss. He has built a reputation for accountability to his constituents when others have let them down – his efforts helping to land thousands of new jobs and keep countless others employed.

Most significantly, Walter saw that people simply need the time and ability to transition while maintaining their home and financial obligations. So in 2004, he authored the bill that created what is now known as the Home Protection Pilot Program (HPPP).  When people lose their jobs due to changing economic conditions, one of the first problems they face is how to deal with mortgage payments.  And as we all know, mortgages have become an even bigger issue in the last year.  The HPPP gives no-interest loans to workers who have lost their jobs so they can pay their mortgages and also gives them a 120-day stay to prevent an immediate foreclosure.

It’s this kind of leadership North Carolina needs in the Lieutenant Governor’s office and the kind of leadership Walter Dalton continues to provide. Here are some additional highlights: 

 

Creating Jobs

• Telerex moves to Cleveland County investing $8.8 million and bringing 450 new jobs to the area.
• Chris-Craft and Indian Motorcycle invest over $42 million and over 800 jobs in Cleveland County.
• Walter Dalton keeps local jobs at PPG Fiber Glass Products by saving the company $500,000 a year on its gas bill through his effort to end sales taxes on natural gas in several cities.
• 250 new jobs at Sara Lee.
• 600 new jobs at Wal-Mart.
• Passed legislation to help rural areas make water, sewer and technology improvements to attract new jobs, and brought over $20 million to his home district to help make it happen.
• Co-sponsored legislation providing incentives to recruit new businesses and encourage existing businesses to expand and make workforce development and training a top priority.
• Was the lead sponsor of legislation that gave small businesses tax credits to provide health insurance for their employees.

Home Protection Pilot Program 

• Qualified homeowners receive a zero-interest loan equal to either $20,000, 18 months of monthly mortgage payments, or the minimum amount required to bring loans and other mortgage-related obligations current.
• Repayment is deferred for 15 years.
• A unique component of the program is a temporary 120-day stay of foreclosure. Under N.C. statute (Session Law 2005-276, Section 20.2, as amended), once a homeowner's completed application has been received by the Agency, the stay of foreclosure is imposed.
• Homeowners apply through participating local agencies, which offer housing counseling and determine whether applicants are eligible for assistance from the loan fund.