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How to take advantage of our new affordable housing program
Apr 1, 2007 2:44 PM
The UFT, in partnership with the community group ACORN and the New York City Department of Housing Preservation and Development (HPD), has created a program to offer affordable housing opportunities in the city to UFT members, whether they are looking to rent an apartment or buy a house, co-op or condo.
ACORN Housing will periodically hold Home-buying Opportunities Seminars in the five boroughs to introduce people to the spectrum of offerings. Members who attend the two-hour information sessions can then receive one-on-one counseling tailored to their individual needs, income, savings and credit. Both the seminars and the counseling sessions are free.
These seminars will be comprehensive and cover all aspects of how to buy a home and get a mortgage. They are open to all interested UFT members. Pre-registration is required.
Lottery preference
UFT members will now receive a preference for 5 percent of the units in city-sponsored lotteries for affordable apartment rentals and home-ownership units. People who live in the neighborhood where this housing is being built will receive preference for 50 percent of the units. To find out about current housing lotteries, go to HPD’s Web site at www.nyc.gov/hpd and click on the quick links, “Apartments for Sale” and “Homes for Sale,” or call the HPD affordable housing hotline at 1-212-863-5610 for English or 1-212-863-5620 for Spanish.
Loan counseling
In no-cost, one-on-one counseling sessions, ACORN housing counselors will help you figure out how to finance the house, co-op or condo that is right for you. ACORN can help you get a discounted mortgage rate and pay as little as 3 to 5 percent down with no private mortgage insurance (PMI) and no points or broker fees. It can even help you refinance your current home at a lower interest rate. Find out more by registering for a Home-buying Opportunities Seminar.
Financial assistance
HPD, through its HomeFirst Down Payment Assistance Program, offers grants of up to 6 percent of the purchase price of a first home, while banks, working with ACORN, offer grants of up to $8,000 toward down payment or closing costs to qualified homebuyers. (The HPD grants and the bank grants have different maximum income caps.)
The HomeFirst program requires participants to complete a homebuyer education course (offered by ACORN), have their own savings to contribute, and meet income requirements ($56,700 is the maximum household income for a family of four). For details, go to www.nyc.gov/hpd and click on “Qualify for Down Payment Assistance” in the “How Do I” column.
For more information about housing grants, register for a Home-buying Opportunities Seminar.
Take the first step by attending a Home-buying Opportunities Seminar
To register for a seminar, call 1-718-246-8080, and identify yourself as a UFT member.
As more classes will be scheduled, they will be posted here and advertised in the New York Teacher.
The UFT Web site, also has general information on homebuying in the financial services section of member services.
