FOR IMMEDIATE RELEASE: Contact: Jean Berry

Thursday, January 20, 2005 661-9430 ext. 216

COI Receives Out-of-State Funds to Help Local Residents Become Homeowners

DUNKIRK – Chautauqua Opportunities Inc. (COI) and Key Bank officials gathered today to announce the receipt of a grant by COI that will help low-income families become homeowners. The $150,000 grant from the Federal Home Loan Bank of Cincinnati Affordable Housing Program will be used for the Chautauqua Opportunities for Homes program.

COI’s Housing & Community Services Director Mike Yerico said, “This new source of funding for the Opportunities for Homes program will provide a direct subsidy to 20 families who meet income eligibility requirements in Chautauqua County to assist them in becoming homeowners.”

The project addresses the problem of declining rates of homeownership in Chautauqua County resulting from the economic decline of the past two decades. The program will target low-income families with the need for single family homes with three or more bedrooms. The subsidies will provide funds for down-payment assistance and closing costs. Permanent financing will be provided through Key Bank USA.

The Opportunities for Homes Program, with COI, will prepare families for homeownership through its HUD Housing Counseling Program. COI’s Homeownership staff provides an 8-hour home buyer class for prospective homebuyers, which provides them with the information and referrals needed to help them locate a home. COI has experienced a significant increase in the demand for its down-payment/closing cost assistance in the past year. Currently the agency is working with 30 families who are waiting to purchase homes.

Key Bank’s Vice President/CRA Compliance Manager Catherine Braniecki and Community Development Banking Consumer Lending Relationship Manager John Whiting presented the check to Mike Yerico, and Home Ownership Coordinator Jean Berry.

The Federal Home Loan Bank of Cincinnati (FHLBank) is part of the Federal Home Loan Bank System, a national network of more than 8,000 financial institutions, 12 District Banks, and the Federal Housing Finance Board (FHFB) in Washington, DC. The District Banks expand housing and economic development opportunities throughout the nation by providing loans and other banking services to community-based financial institutions.

For more information about the Opportunities for Homes program, in the Jamestown area contact Lori Krzyzanowicz at 661-9430, and in the Dunkirk area contact Erica Maloney at 366-8176.

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