FOR IMMEDIATE RELEASE: Contact: Jean Berry

Thursday, May 19, 2005 661-9430

COI, HSBC BANK USA N.A., & THE FEDERAL HOME LOAN BANK OF NEW YORK UTILIZE PARTNERSHIP TO REVITALIZE COMMUNITY

DUNKIRK - A partnership with Chautauqua Opportunities, Inc. (COI), HSBC Bank, & the Federal Home Loan Bank of New York (FHLB) will help expand affordable housing opportunities in Chautauqua County. Through this partnership, COI now has the ability to continue assisting those who are working towards owning their own homes anywhere in Chautauqua County. The project will provide a direct subsidy to 40 low-to-moderate income families to assist them in becoming homeowners.

COI Homeownership Program Manager Jean Berry said, “This is the fourth year we’ve received this funding and we’ve been able to help 63 families become homeowners since 2002. The $200,000 we’ve been awarded from the Federal Home Loan Bank of New York with assistance from HSBC will make it possible to help even more families reach their dream of becoming homeowners.” The application was sponsored by HSBC, who will provide permanent financing for qualified borrowers under the project. Eligible applicants can apply for up to $5,000 in down-payment and closing cost assistance.

According to Bryce Steffen, Retail Mortgage Lending Consultant, “HSBC congratulates Chautauqua Opportunities on their successful grant application and looks forward to working together to expand homeownership opportunities in Chautauqua County.”

COI’s Housing & Community Services Director Mike Yerico said, “We are very proud to receive this award on behalf of Chautauqua County’s prospective homeowners who without the support of FHLB and HSBC their dreams of owning a home in our fine communities would not be realized.”

The program will be operated as part of COI’s HUD Housing Counseling Program. Trained Certified Housing Counselors will accept referrals, carry out intake and assessment of all customers (including the determination of income eligibility), provide credit counseling when needed, provide education in the rights and responsibilities of homeowners, act as a liaison between the customer and the lending institution, and ensure that all requirements of the lending institution and the Affordable Housing Program have been met. COI’s Homeowner’s Club will provide information on resources aimed at helping homeowners keep and maintain their homes. The Housing Counselor may also make referrals to other COI programs if the customer has identified needs in areas such as employment, child care, assistance with utilities, and health care and rehabilitation.

COI’s effort to revitalize Chautauqua County and its housing opportunities is an ongoing project. Through the partnership, these families will be assisted through the Homeownership Program offered through COI. The program provides credit counseling, education, financial assistance, and post purchase counseling to eligible participants. The FHLB grant will assist COI to leverage additional funding from other sources such as Rural Development and the New York State Governor’s Office for Small Cities and the Department of Development in both the city’s of Jamestown and Dunkirk in order to maximize the available resources needed to assist those in need of housing repairs.

Chautauqua Opportunities, Inc. (COI) is a Community Action Agency, Community Housing Development Organization, HUD Housing Counseling Agency, Weatherization Agency, Section 8 Rental Assistance Agency, and state designated Rural Preservation Company. These designations have permitted the agency to access funding and develop services in the area of affordable housing development and management.

For more information, please call COI’s Housing Counselors Erica Maloney at 366-8176 in the Dunkirk area, or Lori Krzyzanowicz at 661-9430 in the Jamestown area.

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