The Community Development staff joined the Lee Family in front of their new home in Oswego to celebrate the 100th family to participate in the City of Oswego’s Affordable Home Ownership Program.
The City of Oswego Affordable Home Ownership Program was established with a Community Development Block Grant (CDBG) in 1995 funded through the U.S. Dept. of Housing and Urban Development (HUD). “The first grant the City received for Affordable Homeownership was for $100,000--that funded about 20 families to be trained and counseled by our staff and seven homes to be purchased,” said Mary Vanouse, Director of Community Development. The Affordable Home Ownership Program garnered CDBG grants administered through the New York State Office of Community Renewal for additional families throughout the last ten years including the recently announced $300,000 for training, counseling and purchase of 11 homes.
Community Development Block Grants preserve and expand the nation's housing stock to provide a decent housing and suitable living environment for American families, and principally those with low and moderate incomes. Income eligibility is a requirement for Oswego’s Affordable Home Ownership Program.
The Affordable Home Ownership Program provides a Homebuyer Training Program, Budget and Credit Counseling and financial assistance to help families make a large one time down-payment on a home. The grant is also used to pay closing costs. The Homebuyer grant is provided in the form of a second mortgage and is forgiven over a period of ten years. The maximum grant per family is $20,000.
Oswego’s Affordable Home Ownership program can only be used to purchase homes within the city limits of Oswego and the home must meet the HUD Housing Quality Standards. Families who purchase their first home with the program may also qualify for rehabilitation grants for essential repairs in their first home.
The City of Oswego Community Development Office is delighted to work with the Lee Family in helping them to accomplish their goal of becoming new homeowners. The Lee’s purchased their new home in the fall of 2010 and are just completing their home improvements under the rehabilitation program.
For more information about how families can qualify for Oswego’s Affordable Home Ownership Program see the City website at http://www.oswegony.org/DEPT_hop.html or call Kathy Miano at the Community Development Office at 343-3795.
Photo Caption: Community development staff: Steven and Gina Lee with their children Liliana, Spenser, Skylar and Samantha. celebrate their purchase of their home through the Oswego Community Development Affordable Home Ownership Program.