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Wednesday
Oct112017

Project Reinvest: Homeownership will make the American Dream more affordable in Western New York

Project Reinvest: Homeownership will make $1.2 million available to homebuyers in Monroe and Erie County, providing down payment assistance for the purchase of first homes. The funds were awarded to NeighborWorks Rochester, a Community Development Financial Institution, to be executed in partnership with West Side Neighborhood Housing Services in Buffalo, NY.

Eligible homebuyers can receive $10,500 in down payment assistance for the purchase of their first homes in target areas of Monroe or Erie County.

“We are excited to be able to offer this down payment assistance in partnership with West Side Neighborhood Housing Services,” said Joanne Panarisi-Bottone, Executive Director of NeighborWorks Rochester.  “The cities of Buffalo and Rochester face challenges of low average incomes and weaker housing markets, and these funds will help homebuyers to achieve more equity in their home purchase.”

 “For people whose American dream of owning their own home might have been just out of reach, Project Reinvest Homeownership will give them the opportunity to build wealth and a brighter future,” said Ed Jackson, Executive Director of West Side NHS. 

Project Reinvest: Homeownership is a 0% interest deferred grant. Homebuyers may qualify if they make at or below 100% of the Area Median Income for their county and if they are purchasing in a CDFI investment area (refer to this link).

Interested homebuyers should contact the lender of their choice for more information or to start an application. See below for a list of area partners:   

Erie County

Monroe County