Affordable home-buying
BY LORE CROGHAN
DAILY NEWS BUSINESS WRITER
Jacqui Hall with daughters Chandler, 6 (center), and Ferrian, 15, in front of new home in East New York.
Jacqui Hall is living proof that low- and moderate-income New Yorkers can break out of renting and into home ownership without going broke.
Hall, a city employee, single mother and low-income worker, bought a two-family home in East New York, Brooklyn for about $300,000 after two years of feeding her daughters leftovers and buying Christmas and birthday gifts on layaway so she could save money for the down payment.
And she went to Neighborhood Housing Services of New York City, a nonprofit that gives grants and low-interest loans to low- and moderate-income homebuyers. She got a $10,000 grant through NHS that boosted the size of her down payment for the newly built three-story house - which has a yard, a driveway and a two-bedrooom rental unit with a steady income stream that partly pays the mortgage.
"NHS was a big help," Hall told YourMoney.
A long-running real estate boom has more than doubled the price of single-family homes in the city over the past six years - and put property in many neighborhoods out of the reach of all but the rich. But NHS enables New Yorkers who aren't millionaires to become homeowners.
Counseling is the key to success for NHS clients, said Louis Kilkenny, the group's director of lending. It's available to New York City homebuyers of all income levels, along with education programs on how to manage your money, get your finances in order - and get ready to buy.
And along with counseling comes funding for people who need it.
Neighborhood Housing Services defines a moderate-income household as a family of four earning $50,250 per year - which is equal to 80% of the median New York City income.
For first-time homebuyers with incomes below this level, NHS administers city-funded grants, Kilkenny said - or "forgivable loans" you won't have to repay if you live in your home for 10 years. You can get up to $10,000, or 6% of the purchase price, whichever is more money.
If you're buying in specific parts of the city, you can also get state-funded grants of $15,000 to $30,000. To keep this money, you must live in the home you purchase for 15 years. The NHS offices that handle these grants are in Jamaica and Corona, Queens; East Flatbush, Brooklyn; and Staten Island.
For first-time homebuyers with incomes from $50,250 to $103,620 a year for a family of four, there are loans of up to $15,000 at 4% interest to help cover down payment and closing costs, Kilkenny said.
Also, NHS staffers will find you a mortgage from a reputable lender if you make $103,620 or less.
Last year alone, the 23-year-old housing organization helped buyers get $77 million in first-time mortgages. It prepared more than 6,000 residents for home ownership, trained more than 700 families in financial fitness and hosted home ownership seminars for more than 2,300 people.
Even with the help that NHS provides, you will have to plan and sacrifice to purchase your own place, said Hall, the East New York homebuyer - but in the end, she noted it's worth the effort.
"There's nothing like having your own," she said. "It's a legacy you leave for your children."
Neighborhood Housing Services offices
Bedford-Stuyvesant: 1012 Gates Ave., (718) 919-2100.
East Flatbush: 2806 Church Ave., (718) 469-4679.
North Bronx: 1178 E. Gun Hill Road, (718) 881-1180.
South Bronx: 200 E. 161st St., (718) 992-5979.
Jamaica: 89-70 162nd St., (718) 291-7400.
Northern Queens: 60-20 Woodside Ave., (718) 457-1017.
Staten Island: 1205 Castleton Ave., (718) 442-8080.
Home Ownership Center: 1 Hanson Place, Brooklyn, (718) 230-7610.
Preparing for that purchase
You wouldn't run a marathon without training - and you shouldn't buy a home without getting in shape either.
Neighborhood Housing Services will help you achieve financial fitness. Here's what you'll do:
Assess your financial health. You and your counselor will do this so you'll know "realistically what you can afford to buy," said Louis Kilkenny, NHS director of lending.
Analyze your spending habits to figure out how to save money for a down payment. NHS staffers will separate mandatory spending like rent and electric bills from discretionary spending - then decide how to cut down on the latter to contribute to your home.
Get paid for saving. NHS can hook you up with a Federal Home Loan Bank program for low- and moderate-income residents. The bank will give you up to $5,000, by matching every dollar you save during a nine-month period with three of its dollars.
Arm yourself with knowledge, so you can steer clear of predatory lenders that charge high interest rates.
"So many people assume their credit rating is poor - it may be better than you think," Kilkenny said. "Subprime lenders dwell on the fact that the borrower is ignorant of the process."
Take steps to improve your credit rating, if necessary. NHS counselors will help you with this.
Play the lottery. Not the regular lottery - the housing lottery.
Numerous developers get government subsidies to build or renovate apartments and houses they sell at reduced prices to low- and moderate-income New Yorkers. They use lotteries to pick the buyers, because so many people want these homes.
The city Department of Housing Preservation and Development is the largest municipal developer of affordable housing in America. Its Web site, www.NYC.gov/hpd, lists housing lotteries in every borough.
For instance, 10 new single-family and two-family homes built with HPD funds are for sale in East New York, priced from $300,000 to $350,000. Lottery applications are due June 24.
Neighborhood Housing Services itself does this type of development. Lottery applications are due June 18 for five renovated one- and two-family houses with storefronts in Bedford-Stuyvesant, selling for $395,000 to $540,000. Details are available at www.nhsnyc.org.
You also need to house-hunt for unsubsidized residences - because you may not win any housing lotteries you enter.
BOSTON
(Rental and Sales Help)
http://4rentinboston.blogspot.com/
http://forsaleinboston.blogspot.com/
CAPE COD
http://capecodmassachusetts.blogspot.com/
NEW YORK CITY
(The What's Up? Rentals and Sales Info)
http://4rentinnewyorkcity.blogspot.com/
http://forsaleinnewyork.blogspot.com/
BROOKLYN ,NEW YORK
http://4rentinbrooklyn.blogspot.com/
http://forsaleinbrooklyn.blogspot.com/
http://brooklynlofts.blogspot.com/
THE NEW YORK HAMPTONS INFO
http://hamptonsny.blogspot.com/
http://newyorkgolf.blogspot.com/
PHILADELPHIA
(Hot Real Estate Info)
http://4rentinphilly.blogspot.com/
http://forsaleinphiladelphia.blogspo/
PHILADELPHIA NEWS SOURCE FOR FUN
http://phillynews.blogspot.com/
http://phillycheesesteaks.blogspot.com/
THE JERSEY SHORE
(Hot Vacation Areas for Renting, Buying and Selling)
http://brigantinenewjersey.blogspot.com/
http://jerseyshorefishingreport.blogspot.com/
http://capemaynewjersey.blogspot.com/
http://oceancitynewjersey.blogspot.com/
http://atlanticcitynewjersey.blogspot.com/
http://margatenewjersey.blogspot.com/
http://wildwoodnewjersey.blogspot.com/
http://avalonnewjersey.blogspot.com/
http://newjerseygolf.blogspot.com/
http://newjerseyfishing.blogspot.com/
FLORIDA
(The Scoop on the Hottest Housing and Vacation Market)
http://orlandoflorida.blogspot.com/
http://miamibeachflorida.blogspot.com/
http://daytonabikeweek.blogspot.com/
http://southbeachflorida.blogspot.com/
http://floridascubadiving.blogspot.com/
http://daytonaspeedway.blogspot.com/
http://floridagolfing.blogspot.com/
http://floridafishinginfo.blogspot.com/
COLORADO
(Great Ski Resorts Rentals, Sales and Happenings)
http://4rentincolorado.blogspot.com/
http://coloradoskiing.blogspot.com/
http://aspenskiing.blogspot.com/
http://forsaleinaspen.blogspot.com/
http://4rentinaspen.blogspot.com/
http://telluridecolorado.blogspot.com/
http://vailcolorado.blogspot.com/
http://flyfishingincolorado.blogspot.com/
LOS ANGELES CALIFORNIA
(Entertainment and Free Housing Searches)
http://losangelescalifornia.blogspot.com/
http://forsaleinlosangeles.blogspot.com/
http://californiasurfing.blogspot.com/
http://californiagolf.blogspot.com/
http://californiafishing.blogspot.com/
http://californiascubadiving.blogspot.com
http://4rentinlosangeles.blogspot.com/
SAN FRANCISCO
(Superb Living and Visiting)
http://4rentinsanfrancisco.blogspot.com/
http://forsaleinsanfrancisco.blogspot.com/
http://sanfrancisconightlife.blogspot.com/
HAWAII
(Relocate to or Vacation in the Hawaiian Islands)
http://4rentinthehawaiianislands.blogspot.com/
http://forsaleinhawaii.blogspot.com/
http://hawaiisurfinginfo.blogspot.com/
http://hawaiiscubadiving.blogspot.com/
http://hawaiianfishinginfo.blogspot.com/
http://hawaiigolfinfo.blogspot.com/
Other Useful Blogs
Pod casting Information
http://publicpod.blogspot.com/
Hot Vacation and rental Markets
http://hotspothomes.blogspot.com/
Humor
http://bigbullshitter.blogspot.com/
Some Great Rentals
Brigantine,New Jersey House For Rent
4 Bedroom 2 Bath Ocean front Home For Rent $2500. weekly
Listen to the waves from this vacation house or gaze at the astounding Casino views!
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_ViewListings
Brigantine,NJ Store for rent
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_ViewCommercialProperty
Moorestown,New Jersey Condo for rent
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_MoorestownRental
Search Nationwide Rental Listings
The entire Jersey Shore rental listings (Free searches and Property Postings)
www.brigantine4rent.com
LA Rental listings (Free searches and Property Postings)
www.4rentinlosangeles.com
San Francisco Rental listings (Free searches and Property Postings)
www.4rentinsanfrancisco.com
New York City rental listings (Free searches and Property Postings)
www.4rentinnyc.com
Florida Vacations and Florida rental listings
www.4rentinmiamibeach.com (Free searches and Property Postings)
www.4rentinorlando.com (Free searches and Property Postings)
Colorado Ski Vacations and Colorado rental listings
www.4rentincolorado.net (Free searches and Property Postings)
Hawaii Vacations and Hawaii rental listings (Free searches and Property Postings)
www.4rentinthehawaiianislands.com
Search the Hottest Housing Markets
www.hotspothomes.com
BY LORE CROGHAN
DAILY NEWS BUSINESS WRITER
Jacqui Hall with daughters Chandler, 6 (center), and Ferrian, 15, in front of new home in East New York.
Jacqui Hall is living proof that low- and moderate-income New Yorkers can break out of renting and into home ownership without going broke.
Hall, a city employee, single mother and low-income worker, bought a two-family home in East New York, Brooklyn for about $300,000 after two years of feeding her daughters leftovers and buying Christmas and birthday gifts on layaway so she could save money for the down payment.
And she went to Neighborhood Housing Services of New York City, a nonprofit that gives grants and low-interest loans to low- and moderate-income homebuyers. She got a $10,000 grant through NHS that boosted the size of her down payment for the newly built three-story house - which has a yard, a driveway and a two-bedrooom rental unit with a steady income stream that partly pays the mortgage.
"NHS was a big help," Hall told YourMoney.
A long-running real estate boom has more than doubled the price of single-family homes in the city over the past six years - and put property in many neighborhoods out of the reach of all but the rich. But NHS enables New Yorkers who aren't millionaires to become homeowners.
Counseling is the key to success for NHS clients, said Louis Kilkenny, the group's director of lending. It's available to New York City homebuyers of all income levels, along with education programs on how to manage your money, get your finances in order - and get ready to buy.
And along with counseling comes funding for people who need it.
Neighborhood Housing Services defines a moderate-income household as a family of four earning $50,250 per year - which is equal to 80% of the median New York City income.
For first-time homebuyers with incomes below this level, NHS administers city-funded grants, Kilkenny said - or "forgivable loans" you won't have to repay if you live in your home for 10 years. You can get up to $10,000, or 6% of the purchase price, whichever is more money.
If you're buying in specific parts of the city, you can also get state-funded grants of $15,000 to $30,000. To keep this money, you must live in the home you purchase for 15 years. The NHS offices that handle these grants are in Jamaica and Corona, Queens; East Flatbush, Brooklyn; and Staten Island.
For first-time homebuyers with incomes from $50,250 to $103,620 a year for a family of four, there are loans of up to $15,000 at 4% interest to help cover down payment and closing costs, Kilkenny said.
Also, NHS staffers will find you a mortgage from a reputable lender if you make $103,620 or less.
Last year alone, the 23-year-old housing organization helped buyers get $77 million in first-time mortgages. It prepared more than 6,000 residents for home ownership, trained more than 700 families in financial fitness and hosted home ownership seminars for more than 2,300 people.
Even with the help that NHS provides, you will have to plan and sacrifice to purchase your own place, said Hall, the East New York homebuyer - but in the end, she noted it's worth the effort.
"There's nothing like having your own," she said. "It's a legacy you leave for your children."
Neighborhood Housing Services offices
Bedford-Stuyvesant: 1012 Gates Ave., (718) 919-2100.
East Flatbush: 2806 Church Ave., (718) 469-4679.
North Bronx: 1178 E. Gun Hill Road, (718) 881-1180.
South Bronx: 200 E. 161st St., (718) 992-5979.
Jamaica: 89-70 162nd St., (718) 291-7400.
Northern Queens: 60-20 Woodside Ave., (718) 457-1017.
Staten Island: 1205 Castleton Ave., (718) 442-8080.
Home Ownership Center: 1 Hanson Place, Brooklyn, (718) 230-7610.
Preparing for that purchase
You wouldn't run a marathon without training - and you shouldn't buy a home without getting in shape either.
Neighborhood Housing Services will help you achieve financial fitness. Here's what you'll do:
Assess your financial health. You and your counselor will do this so you'll know "realistically what you can afford to buy," said Louis Kilkenny, NHS director of lending.
Analyze your spending habits to figure out how to save money for a down payment. NHS staffers will separate mandatory spending like rent and electric bills from discretionary spending - then decide how to cut down on the latter to contribute to your home.
Get paid for saving. NHS can hook you up with a Federal Home Loan Bank program for low- and moderate-income residents. The bank will give you up to $5,000, by matching every dollar you save during a nine-month period with three of its dollars.
Arm yourself with knowledge, so you can steer clear of predatory lenders that charge high interest rates.
"So many people assume their credit rating is poor - it may be better than you think," Kilkenny said. "Subprime lenders dwell on the fact that the borrower is ignorant of the process."
Take steps to improve your credit rating, if necessary. NHS counselors will help you with this.
Play the lottery. Not the regular lottery - the housing lottery.
Numerous developers get government subsidies to build or renovate apartments and houses they sell at reduced prices to low- and moderate-income New Yorkers. They use lotteries to pick the buyers, because so many people want these homes.
The city Department of Housing Preservation and Development is the largest municipal developer of affordable housing in America. Its Web site, www.NYC.gov/hpd, lists housing lotteries in every borough.
For instance, 10 new single-family and two-family homes built with HPD funds are for sale in East New York, priced from $300,000 to $350,000. Lottery applications are due June 24.
Neighborhood Housing Services itself does this type of development. Lottery applications are due June 18 for five renovated one- and two-family houses with storefronts in Bedford-Stuyvesant, selling for $395,000 to $540,000. Details are available at www.nhsnyc.org.
You also need to house-hunt for unsubsidized residences - because you may not win any housing lotteries you enter.
BOSTON
(Rental and Sales Help)
http://4rentinboston.blogspot.com/
http://forsaleinboston.blogspot.com/
CAPE COD
http://capecodmassachusetts.blogspot.com/
NEW YORK CITY
(The What's Up? Rentals and Sales Info)
http://4rentinnewyorkcity.blogspot.com/
http://forsaleinnewyork.blogspot.com/
BROOKLYN ,NEW YORK
http://4rentinbrooklyn.blogspot.com/
http://forsaleinbrooklyn.blogspot.com/
http://brooklynlofts.blogspot.com/
THE NEW YORK HAMPTONS INFO
http://hamptonsny.blogspot.com/
http://newyorkgolf.blogspot.com/
PHILADELPHIA
(Hot Real Estate Info)
http://4rentinphilly.blogspot.com/
http://forsaleinphiladelphia.blogspo/
PHILADELPHIA NEWS SOURCE FOR FUN
http://phillynews.blogspot.com/
http://phillycheesesteaks.blogspot.com/
THE JERSEY SHORE
(Hot Vacation Areas for Renting, Buying and Selling)
http://brigantinenewjersey.blogspot.com/
http://jerseyshorefishingreport.blogspot.com/
http://capemaynewjersey.blogspot.com/
http://oceancitynewjersey.blogspot.com/
http://atlanticcitynewjersey.blogspot.com/
http://margatenewjersey.blogspot.com/
http://wildwoodnewjersey.blogspot.com/
http://avalonnewjersey.blogspot.com/
http://newjerseygolf.blogspot.com/
http://newjerseyfishing.blogspot.com/
FLORIDA
(The Scoop on the Hottest Housing and Vacation Market)
http://orlandoflorida.blogspot.com/
http://miamibeachflorida.blogspot.com/
http://daytonabikeweek.blogspot.com/
http://southbeachflorida.blogspot.com/
http://floridascubadiving.blogspot.com/
http://daytonaspeedway.blogspot.com/
http://floridagolfing.blogspot.com/
http://floridafishinginfo.blogspot.com/
COLORADO
(Great Ski Resorts Rentals, Sales and Happenings)
http://4rentincolorado.blogspot.com/
http://coloradoskiing.blogspot.com/
http://aspenskiing.blogspot.com/
http://forsaleinaspen.blogspot.com/
http://4rentinaspen.blogspot.com/
http://telluridecolorado.blogspot.com/
http://vailcolorado.blogspot.com/
http://flyfishingincolorado.blogspot.com/
LOS ANGELES CALIFORNIA
(Entertainment and Free Housing Searches)
http://losangelescalifornia.blogspot.com/
http://forsaleinlosangeles.blogspot.com/
http://californiasurfing.blogspot.com/
http://californiagolf.blogspot.com/
http://californiafishing.blogspot.com/
http://californiascubadiving.blogspot.com
http://4rentinlosangeles.blogspot.com/
SAN FRANCISCO
(Superb Living and Visiting)
http://4rentinsanfrancisco.blogspot.com/
http://forsaleinsanfrancisco.blogspot.com/
http://sanfrancisconightlife.blogspot.com/
HAWAII
(Relocate to or Vacation in the Hawaiian Islands)
http://4rentinthehawaiianislands.blogspot.com/
http://forsaleinhawaii.blogspot.com/
http://hawaiisurfinginfo.blogspot.com/
http://hawaiiscubadiving.blogspot.com/
http://hawaiianfishinginfo.blogspot.com/
http://hawaiigolfinfo.blogspot.com/
Other Useful Blogs
Pod casting Information
http://publicpod.blogspot.com/
Hot Vacation and rental Markets
http://hotspothomes.blogspot.com/
Humor
http://bigbullshitter.blogspot.com/
Some Great Rentals
Brigantine,New Jersey House For Rent
4 Bedroom 2 Bath Ocean front Home For Rent $2500. weekly
Listen to the waves from this vacation house or gaze at the astounding Casino views!
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_ViewListings
Brigantine,NJ Store for rent
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_ViewCommercialProperty
Moorestown,New Jersey Condo for rent
http://www.brigantine4rent.com/default.asp_Q_f_E_cpg_A_pg_E_MoorestownRental
Search Nationwide Rental Listings
The entire Jersey Shore rental listings (Free searches and Property Postings)
www.brigantine4rent.com
LA Rental listings (Free searches and Property Postings)
www.4rentinlosangeles.com
San Francisco Rental listings (Free searches and Property Postings)
www.4rentinsanfrancisco.com
New York City rental listings (Free searches and Property Postings)
www.4rentinnyc.com
Florida Vacations and Florida rental listings
www.4rentinmiamibeach.com (Free searches and Property Postings)
www.4rentinorlando.com (Free searches and Property Postings)
Colorado Ski Vacations and Colorado rental listings
www.4rentincolorado.net (Free searches and Property Postings)
Hawaii Vacations and Hawaii rental listings (Free searches and Property Postings)
www.4rentinthehawaiianislands.com
Search the Hottest Housing Markets
www.hotspothomes.com
posted by 4RentinNYC.com at 12:16 AM
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