OFC administers another flood grant
NORWICH – The New York State Affordable Housing Corporation last month approved $712,500 to Opportunities for Chenango, Inc. to grant to income-eligible victims of the June 2006 flood.
The funds, available in mid-June, are for new home purchases and home repairs. OFC has already identified at least 15 displaced families who will receive the new homes, Chenango County Housing Services Director Wayne Viera said.
With the new influx, a total of approximately $2 million has been dispersed between Chenango, Broome, Otsego and Madison counties for housing-related purposes since the record-breaking flood. “Eighty percent of that money is an investment in the local economy. It definitely will have an impact,” Viera told members of the Planning & Economic Development Committee May 8.
To be eligible for the new grants, applicants must earn 80 percent or below the county median of $28,380 and obtain flood insurance. The grant will pay for the first year of insurance.
“That’s a start, but it’s very hard to maintain flood insurance for these low-income people,” said Town of New Berlin Supervisor Ross Iannello, a member of the committee.
In addition to the two flood-related grants available, OFC is also distributing $400,000 to successful applicants in its 2007 First Time Home Buyer program. That amount was made available earlier this year via a New York State Governor’s Office For Small Cities Grant.
“We need to get the word out to those in need,” Viera said.
OFC plans to promote the grant opportunities beginning next month in conjunction with a national advertising campaign sponsored by NeighborWorks America. NeighborWorks is an educational initiative to preserve homeownership in the face of rising foreclosure rates. Chenango County has been an affiliate since 2001.
“There are about one million pending foreclosures per year that are estimated over the next three years nationwide,” Viera said. “This has a tremendous impact on everything right across the board.”
New York State Sen. Charles E. Schumer’s office reported recently that 4,800 families in Central New York could loose their homes over the next two years.
NeighborWorks Executive Assistant Karen Glasbergen said the campaign aims to catch homeowners before they miss their first payments. “People are paralyzed when they learn that the bank will foreclose on their home,” she said. “We want to encourage people to call before they get into serious trouble.”
Committee Chairperson Linda E. Natoli, R-City of Norwich, said more information about NeighborWorks is needed. “People in this situation don’t know what to do. They are going to lose their house. People really need to know about this,” she said.
Iannello blamed televised credit card negotiators for “making the situation worse” for people. “You have to pay them, too, don’t forget.”
Viera said his staff has the responsibility of making sure people know homeownership is more than just moving in. Glasbergen called what they do, “Financial fitness.”
Struggling borrows can reach Neighborworks at 1-888-995-HOPE.
The funds, available in mid-June, are for new home purchases and home repairs. OFC has already identified at least 15 displaced families who will receive the new homes, Chenango County Housing Services Director Wayne Viera said.
With the new influx, a total of approximately $2 million has been dispersed between Chenango, Broome, Otsego and Madison counties for housing-related purposes since the record-breaking flood. “Eighty percent of that money is an investment in the local economy. It definitely will have an impact,” Viera told members of the Planning & Economic Development Committee May 8.
To be eligible for the new grants, applicants must earn 80 percent or below the county median of $28,380 and obtain flood insurance. The grant will pay for the first year of insurance.
“That’s a start, but it’s very hard to maintain flood insurance for these low-income people,” said Town of New Berlin Supervisor Ross Iannello, a member of the committee.
In addition to the two flood-related grants available, OFC is also distributing $400,000 to successful applicants in its 2007 First Time Home Buyer program. That amount was made available earlier this year via a New York State Governor’s Office For Small Cities Grant.
“We need to get the word out to those in need,” Viera said.
OFC plans to promote the grant opportunities beginning next month in conjunction with a national advertising campaign sponsored by NeighborWorks America. NeighborWorks is an educational initiative to preserve homeownership in the face of rising foreclosure rates. Chenango County has been an affiliate since 2001.
“There are about one million pending foreclosures per year that are estimated over the next three years nationwide,” Viera said. “This has a tremendous impact on everything right across the board.”
New York State Sen. Charles E. Schumer’s office reported recently that 4,800 families in Central New York could loose their homes over the next two years.
NeighborWorks Executive Assistant Karen Glasbergen said the campaign aims to catch homeowners before they miss their first payments. “People are paralyzed when they learn that the bank will foreclose on their home,” she said. “We want to encourage people to call before they get into serious trouble.”
Committee Chairperson Linda E. Natoli, R-City of Norwich, said more information about NeighborWorks is needed. “People in this situation don’t know what to do. They are going to lose their house. People really need to know about this,” she said.
Iannello blamed televised credit card negotiators for “making the situation worse” for people. “You have to pay them, too, don’t forget.”
Viera said his staff has the responsibility of making sure people know homeownership is more than just moving in. Glasbergen called what they do, “Financial fitness.”
Struggling borrows can reach Neighborworks at 1-888-995-HOPE.
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