Last week, we featured a list of federal housing loan programs offering relief from the high cost of mortgage payments — Veterans Administration Loans, Federal Housing Loan Programs, and loans through the U.S. Department of Agriculture.
This week, we look at programs offering need-based assistance through local agencies.
Oswego Housing Development Council (OHDC): The Oswego Housing Development Council is a private, nonprofit organization with the goal of encouraging the development of a broad range of housing resources for persons of low and moderate income of Oswego County.
Through the OHDC, Oswego County residents can receive assistance through the First Time Ownership Assistance Program, the Home Ownership Repair and Housing Counseling program and low interest rate grants.
Applicants must be looking to purchase a home in Oswego County, income eligible based on HUD guidelines, and attending the OHDC’s training courses.
Applications are available on the Oswego Housing Development Council webpage, https://gingerohdc.wixsite.com/website.
Fulton Community Development Agency: Since 1966, the city of Fulton Community Development Agency has worked with city officials to provide a broad range of programs aimed at supporting local homeownership.
The CDA offers home ownership and housing counseling, housing rehabilitation, and rental assistance.
CDA Director Joe Fiumara said assistance is based on need qualifiers — age and income level — with preference given to those homeowners who are elderly and economically disadvantaged.
The city of Fulton’s Revolving Loan Fund Program is administered by the Fulton Community Development Agency (CDA), created from loan repayments received as a result of Small Cities Program economic development loans and Urban Development Action Grants secured in the early 1980s.
CDA officials say program goals include job creation or retention and increased sales and property tax revenues for the city.
The Revolving Loan Fund process is much like that of a normal lending institution with an application form and review by the CDA loan committee, tasked with the responsibility of recommending approval or denial of loan applications based on established loan criteria, according to the CDA webpage.
Oswego County Housing Assistance Program: The Oswego County Department of Community Development, Tourism, and Planning administers a Housing Choice Voucher Rental Assistance Program, a federally-funded program created by the Department of Housing and Urban Development.
This federally funded program has the goal of improving the housing stock in local communities by helping people transition to home ownership status.
According to department officials, the goal of rental assistance program is to provide income eligible participants — defined as families and individuals that fall below 50 percent of median income for family size — with safe and sanitary and affordable housing
One voucher program, HCV Homeownership Vouchers, allows rental assistance participants to become first-homeowners with their monthly home ownership costs.