HUD funding available for
first-time homebuyers, housing rehabilitation

Monroe County has been awarded more than $3 million in funding by the U.S. Department of Housing and Urban Development (HUD) to support housing rehabilitation, community development projects and to provide assistance for first-time homebuyers.

"This funding will enable Monroe County to continue to provide homeowners and first-time homebuyers with the assistance they need, and to support vital projects in our communities that help to improve the quality of life," said Monroe County Executive Maggie Brooks. "Also, beginning this year, more homeowners will be eligible for grants for housing rehabilitation."

The county will receive a combined total of $3,239,059 from HUD which includes: •$1,799,000 from the Community Development Block Grant program (CDBG);

•$1,274,536 from the HOME Investment Partnerships Program (HOME);

•$165,523 from the American Dream Downpayment Initiative, a new program signed into law by President Bush in 2003 (ADDI).

The funding awarded under the Community Development Block Grant (CDBG) program will support municipal public works projects and facilities improvements, economic development, community services and housing programs.

The HOME funding will support the county's affordable housing activities including housing rehabilitation, homeownership assistance and rental housing development.

This year, the county has increased the income limit for housing rehabilitation grants to make the program available to more low to moderate-income persons. Persons with incomes up to 60 percent of the area median income (AMI) will now be eligible for a grant for housing repairs. For example, a single person with an income up to $24,720 and a family of four with an income up to $35,280 would be eligible. Persons with incomes between 61 percent and 80 percent AMI (up to $32,950 for one person and $47,050 for a family of four) will now be eligible for a combination grant and low-interest (3 percent) loan to cover project costs.

The ADDI funding will enhance the county's First-Time Homebuyer Program. The program provides first-time homebuyers with incomes up to 80 percent AMI with financial assistance toward the purchase of a home, as well as counseling and education services. Eligible homebuyers may receive grants up to $10,000 for downpayment and closing costs.