Homeownership can be an economic challenge for some households. Private organizations help support housing affordability.
Homeownership is often the dream of many Americans, but economic challenges and rising home prices can place this goal out of reach for some. Luckily, some organizations help promote homeownership and work to provide support for existing homeowners to help them avoid foreclosure. In New York state, government agencies also provide grants to assist homeowners, but some of these are only available through private community organizations.
Syracuse University Homeownership Grant
Syracuse University is a major research institution and private liberal arts and sciences university in upstate New York. In order to help assist homeowners in their local community, the University has developed a program in concert with a nonprofit organization called Home HeadQuarters to help make buying a home more affordable. The grants provided through the program can help homeowners offset the costs of down payment, closing costs, and title insurance, among other related housing expenditures. The University and its partner, Home HeadQuarters, also help to provide homeowners with financial education and technical assistance as they move through the buying process.
Greater Rochester Housing Partnership Grant
The Greater Rochester Housing Partnership helps to cover and reduce the costs of homeownership in the Rochester region.
In the city of Rochester, New York, the Greater Rochester Housing Partnership (GRHP) helps make housing affordable to local buyers by providing grants and assistance to lower down payments and closing costs. Grants from GRHP are primarily allocated to lower-income buyers and existing homeowners in need. The organization operates with support from other nonprofit organizations and from housing lenders like JP Morgan Chase. Grant eligibility requirements for GRHP programs may vary slightly from time to time, as the GRHP adjusts its requirements to accommodate the changing needs of the Rochester community.
Habitat for Humanity of New York
Habitat for Humanity is a private organization helping to promote homeownership by providing financial and technical assistance to qualifying homeowners. Most of Habitat for Humanity's assistance programs come in the form of advantageous financing arrangements or volunteer assistance with repairs and construction. The organization also works to improve financial literacy and help homeowners build equity by providing them with the resources they need to move away from a rental situation. In order to be eligible for assistance from Habitat for Humanity, households are usually subject to eligibility requirements; their income is usually between 50% and 80% of the city median.
Tags: Habitat Humanity, Greater Rochester, Greater Rochester Housing, Housing Partnership, Rochester Housing
