RUPCO's latest award means $1.6 million in direct spending for Ulster County housing
Kingston — A $500,000 grant announced by Governor David Paterson’s office last week brings total home buying and home repair resources currently available in Ulster County to $1.6 million in direct spending for the purchase and post purchase re-habilitation of Ulster County homes.
Rural Ulster Preservation Company (RUPCO) officials believe that the latest grant announcement plus other resources in-house will help them top last year’s total investments of $1.8 million spent for 34 new homeowners and 75 rehabilitated homes.
The Affordable Housing Corporation grant announced last week will provide an average of $20,000 each to approximately 25 homeowners to help cover down payments, closing costs and post-purchase rehabilitation projects that might be essential on the homes they are able to afford. RUCPO Executive Director Kevin O’Connor noted that, “at least 51 percent of the grant must be spent on the rehabilitation portion of the equation.”
O’Connor said that first time homebuyers earning 80 to 112 percent of the state’s median income can usually maintain a mortgage, taxes and insurance if they have a solid home to start with. “But often, what our entry level homebuyer can afford, is lower end housing stock that really needs work. If we can get them in and be sure the roof is good, the heating system works and other basic foundational systems are in good repair, and then we think they’ll be successful homeowners.”
Kathy Germain, director of RUPCO’s NeighborWorks® HomeOwnership Center, agreed with O’Connor and said that the latest grant would be leveraged with other resources already available at the center to provide maximum benefit possible to clients and to the county and with mortgage financing from private lenders. “Make no mistake about it,” said Germain, “this is first and foremost, a program to help people buy homes.
Because all of the RUPCO grant programs have different eligibility requirements, Germain urged everyone who might be interested to contact RUPCO to review their circumstances. “We have an incredible array of products and services and find that we can assist most people who call us in one way or another. In this economy, people need to be very careful about their expenditures for housing and we have the capacity to provide great insight and education as well as funding.”
The NeighborWorks® HomeOwnership Center number is 331-9860 and e-mailed inquiries may be directed to email@example.com
As a leading agency in housing and community development, RUPCO advocates for and creates housing choice in the Hudson Valley region. Through its NeighborWorks® HomeOwnership Center, its Rental Assistance Department and its Property Management unit, RUPCO does more than just put a roof overhead for thousands of county residents each month. More information on RUPCO and all of its programs is available at www.rupco.org or by calling 331-2140.