First time homebuyer assistance available in Kingston KINGSTON – The City of Kingston in Partnership with RUPCO has funding available to assist first-time homebuyers through its Promoting Homeownership in Kingston program. The program is designed to increase homeownership and stabilize neighborhoods by transitioning rental properties into owner occupied homes. It will assist low-income first-time homebuyers to purchase and rehabilitate homes in the city with funding from the state Office of Community Renewal’s HOME program. Eligible first-time homebuyers’ household income cannot exceed 80 percent of the area median income, which is currently $56,250 for a family of four. Assistance may be used for down payment, closing costs, major system upgrades, health and safety issues, energy audits and energy efficiency upgrades. The maximum amount of assistance is $30,000 per household, which will be provided as a zero interest, deferred loan that will be forgiven following a successful regulatory period of five to 10 years. The program is a win-win proposition, said Mayor Shayne Gallo. “Homebuyers get the financial assistance and education needed to sustain and maintain the home for years to come and the city gets a new homeowner that has a vested interest in revitalizing their neighborhood and providing a safe affordable place for their family,” he said. For additional information or to sign up for the next orientation, call 845-331-9860.
Posted on: Tue, 27 Aug 2013 22:59:41 +0000
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