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NEWS | May 23, 2022
Just seven months after inaugurating our Homeownership Program, Restoration has helped place five people in new homes, including two veterans, and twelve other families are in the process of closing on their homes.
– New Homeowner, Veteran, and Mother, April Pouchie
Just seven months after inaugurating our Homeownership Program, Restoration has helped place five people in new homes, including two veterans, and twelve other families are in the process of closing on their homes. Seven of the homes are Mitchell-Lama coops that cost less than $35K, a phenomenal rate, given NYC home prices.
Homeownership Program Manager Anthony Coker explains: “there are a good variety of programs supporting NYC homeownership right now, including grants of up to $100,000 for a downpayment. Some programs require only a 3% down payment, benefits for first-time home buyers, programs that cover closing costs and some of these programs don’t even have credit requirements. While certain factors have to line up for many of these programs to work, we help clients take advantage of all of the benefits for which they qualify.”
With a seed grant from Chase, Restoration was able to hire a HUD Certified Homeownership Program Manager, and two of the financial counselors also became HUD Certified. A six-part webinar series started in October provided homeownership education and counseling on a range of topics. Far exceeding our expectations, some 400 people participated, with an average of 100 people each week. Graduates of the program are eligible to receive grants and are now receiving follow-up one-on-one counseling by Restoration’s financial counselors and homeownership counselor; another Homeownership Education series will be offered again starting in July.
A disabled veteran and new homeowner April Pouchie (pictured above) explained: “I applied for the Mitchell-Lama Housing lottery in 2020 and my number came up in 2022 for Lindsay Park Housing Corp. I’m a 12-year army veteran and this will be home for my 1-year-old son and my soon-to-be daughter. It has been a pleasure to attend the workshops at Restoration in anticipation of owning something in a good and safe neighborhood close to schools and reliable transportation where I can raise my family.”
“It has been proven again and again that homeownership is the best route for building intergenerational wealth and disrupting the racial wealth divide,” says Restoration CEO Covin Grannum. “While NYC is a tough market, we are thrilled to keep members of our community in place, and also provide opportunities throughout the metropolitan area, which may be a wiser choice for some residents.”
Anyone interested in homeownership should begin with our financial counseling program that helps you build your credit, pay down debt and save effectively to be prepared to make your largest lifetime purchase possible. Call Restoration at (718) 636-6994 to make an appointment.
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