If you are among the lucky families who meet Dutchess County”™s median income of $79,000, you can stop reading. For those who don”™t, there are opportunities for homeownership out there. You just have to know where to look.
Dutchess County”™s Hudson River Housing (HRH) has been buying properties in the city of Poughkeepsie. Some were abandoned lots, others had structures that had to be taken down.
Over the past eight years, HRH has built 39 homes on these parcels, brand-new affordable two-family homes for qualified buyers. While it”™s not a number that will break the bank, in today”™s market, it”™s a considerable achievement, says the nonprofit group.
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“We have been fortunate, and we have 39 families who never thought they”™d own their own home in one,” said Gail Webster, HRH”™s executive director. Her agency has just received a grant of $42,000 from Neighborhood Works. A total $5.3 million was given to Neighborworks organizations this year. The money will go toward the building of six new two-family homes.
Said Webster: “We are still in the process of building six home ownership opportunities for first-time home buyers. The amount they pay is dependent on their income. For a family of four, they must earn sixty per cent of the county”™s current median income, which is $79,000.”
That”™s good news for young couples starting out and for working families that can”™t touch homes in Dutchess”™ current market, where the median price was $368,000 as of June 2007.
“If we have more candidates than homes, we have a lottery,” Webster said. “If not, we go into the pool of candidates and they have the opportunity to become homeowners.”
Most of the homes built by HRH are in the $160,000 range, said Webster. “We”™re very happy we received the grant. It will go a long way in helping us provide homes for six more families.”
U.S. Sen. Hillary Clinton, D-N.Y., announced the grant Aug. 14, saying, “It will help Hudson River Housing to continue their important work of helping those who are most in need and reinvesting in the local community.”
The Web site is: www.hudsonriverhousing.org.
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