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When the “Rivera” family moved
into their new rental
home they never dreamed they would own it five years later. This family of nine (seven children ages 4-19 years old)
had done everything necessary to achieve the dream of
homeownership. Five
years ago when they moved into their home Mr. “Rivera” worked
two full time jobs supporting a family of nine on a $20,000 annual
income. Mr.
“Rivera” states “if we couldn’t afford to buy something,
we’d save until the time was right to make the purchase which is
how we’ve always done it.”.
The home the “Rivera” family
rented and eventually purchased has five bedrooms and is located
in a north county neighborhood. The monthly rent was $650.00 which
was difficult for them to afford on Mr. “Rivera’s” salary so
they decided to apply for a rental subsidy through the HUD Housing
Choice Voucher (HCV) program administered by COI. By participating in the HCV program they received a monthly
subsidy to help pay the monthly rent. The “Rivera” family has been in the HCV program for two
years.
To the “Rivera’s”,
homeownership had never been an option, they felt they couldn’t
afford it, until they heard about COI’s First Time Homebuyer
Program. After meeting
with a HUD Certified Housing Counselor at COI, they attended a
group orientation where all the program logistics were explained.
Next they enrolled in one of the monthly Homebuyer Education
classes. At the class
the “Rivera’s” gained a wealth of knowledge in regard to the
whole process of homeownership. This is where they learned of all the different loan
products and grant programs that are available. By going through COI’s Homeownership Program, they become
eligible to receive a closing cost and down payment assistance
grant.
The
“Rivera” family has been able to leverage different funding
sources to help them purchase their home. Due to the size and location of their home, the price was a
little more than they could normally afford
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The Rental home of a Chautauqua County Family
Since they have been in the HCV
program they can participate in the Housing Choice Voucher Homeownership
Program. Like the rental subsidy, the
HCV homeownership program provides a subsidy to assist the family. The amount of the subsidy is based on their
income and can be received for a maximum of 15 years.
In addition to the HCV subsidy, the
“Rivera’s” decided to apply for the SONYMA “Achieving the Dream” Mortgage
Program through HSBC Mortgage Corporation. This program allows for a low interest rate and closing cost assistance. By receiving the closing assistance through
SONYMA, the “Rivera’s” were able to utilize the Affordable Housing Grant
provided by COI as a large down payment to buy down their mortgage and make the
monthly payment more affordable.
“COI’s Homeownership
Program has given us the chance to realize our dream of owning our own
home. It’s great to have a housing
counselor go through the whole process with you” states Mr. “Rivera”.
For more information on COI’s Homeownership or
Housing Voucher Program offered through COI, please contact 366-3333 in the
Dunkirk area or 661-9430 in the
Jamestown area.
* The name of the family has been
changed to maintain confidentiality of program participants.
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