Southern Hills Preservation Corporation First-time Homebuyer Program will provide 10 very low-income households with assistance in buying their first home
Dreaming of buying a home, but think that home ownership is out of your reach? Maybe it’s not! The Southern Hills Preservation Corporation First-time Homebuyer Program will provide 10 very low-income households with assistance in buying their first home. The Federal Home Loan Banks’ Affordable Housing Program (AHP) has awarded a grant to SHPC though its member bank, M&T, that will make this possible. The $20,000 AHP subsidy will allow very low-income homebuyers to purchase a home that would otherwise be unaffordable.
In order to qualify, household income must be at or less than 50% of the Area Median Income for Onondaga County. For example, the household income limit for a 2-person household is $24,400; for a 4-person household, the limit is $30,500. The sale price of the home will be reduced by $20,000, and does not need to be paid back at all, if you live in your home for 10 years. Homebuyers must be able to qualify for a mortgage for the remainder of the purchase price through M&T Bank. In addition, the house you buy must be in the SHPC service area, which includes the southern Onondaga County towns of Fabius, LaFayette, Tully, Pompey, Otisco, Spafford, Marcellus and Skaneateles.
Prospective homeowners will be required to complete an 8-hour Homebuyer Education course at SHPC. The course is taught by SHPC’s Housing Counselor, Nancy Putnam. It will include all aspects of the home buying process, including the pros and cons of homeownership, budgeting, credit and debt information, an overview of all the players in the real estate transaction, mortgage and contract basics, how to avoid predatory lenders, shopping for a home, the closing, and home maintenance after the sale. Individual counseling is also available, and the housing counselor can coach you throughout the buying process.
Southern Hills Preservation Corporation is a not-for-profit Rural Preservation Corporation, whose overall mission is to promote affordable housing, community revitalization and economic development. SHPC is a Certified HUD counseling agency. The main office is located at 2383 US Route 11, LaFayette, NY 13084. Call for information about any of your housing needs at 315-677-3863.
