RUPCO Receives Major Grant from NeighborWorks® America
Funding will help Ulster County residents buy and repair first homes
For Immediate Release
April 17, 2009
Contact: Kevin O’Connor
Kingston, NY -- 4/17/2009 — The Rural Ulster Preservation Company (RUPCO), a member of the national NeighborWorks® network, is being awarded $190,500 in flexible first round grant funds from NeighborWorks® America, according to announcements made in Washington and Kingston this week. The funding will provide a much-needed boost to the agency operating budget as a whole and to its First Time Homebuyer programs in particular.
“We are really happy to get this funding at a time when our communities need investment most,” said RUPCO Executive Director, Kevin O’Connor. “We have worked very hard to be an exemplary member of the NeighborWorks® America network and we’re honored to receive this extra funding now. By providing homeowner education programs and assistance with downpayments and/or closing costs, we will help people buy and retain homes that are within their means to own.”
The need for RUPCO’s work in Ulster County has never been greater. With foreclosure rates at unprecedented levels, home values in decline, and the unemployment rate rapidly rising, residents are increasingly susceptible to, and affected by, the economic crisis. According to NeighborWorks Homeownership Center Director Kathy Germain, eligible applicants will be first time homebuyers who have gone through RUPCO’s First Time Homebuyer’s Education and Counseling program and are purchasing a home in Ulster County. This program will assist approximately 15 households with incomes of up to 115% of area median income.
“This additional funding will help assist homebuyers who are traditionally over income for our other grant programs, but still require some financial assistance to bridge the transactional costs of purchases such as down payment and/or closing costs,” said Germain. A recent study has shown that households with incomes up to 120% of median income still require assistance for first purchases. “This funding is a great complement to our First Time Homebuyer Program and other grants for first time buyers,” Germain added. “We invite anyone considering purchasing in Ulster County to attend an orientation and get more information about the program.” Interested persons should call the RUPCO NeighborWorks Homeownership Center and attend a one hour orientation that will describe the program and provide applications for assistance. Offices are open Monday through Friday and can be reached by calling (845) 331-9860.
In 2009, NeighborWorks America will provide over $81 million in grants to its national network of more than 230 nonprofit organizations operating in over 4,400 rural, urban, and suburban communities. The grants will be used to revitalize and strengthen communities by providing counseling for homeowners on the brink of foreclosure; increasing the number of certified foreclosure and homeownership counselors through training; stabilizing areas hard-hit by the foreclosure and economic crisis by putting vacant properties back into productive use; empowering consumers through financial and homeownership education and counseling; creating homeownership opportunities for low- and moderate-income families; and producing and managing affordable, high-quality rental properties.
As a leading agency in housing and community development, the Rural Ulster Preservation Company advocates for and creates housing choice in the Hudson Valley region. A broad approach toward mission and vision, allows RUPCO to leverage federal, state and local grants along with rents, fees, private support and sponsorships to achieve community goals.
For more information about RUPCO please contact Joan Lawrence-Bauer at 845-331-2140 ext. 268.
For more information about NeighborWorks America, please contact Susan Jouard 212.269.6553 ext. 25.
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