Housing and Emergency Services For Low Income People was formed as a charitable organization to provide low to moderate income individuals and families, safe, decent and affordable housing in the Albany County NY vicinity.
We plan on purchasing the bulk of our properties from Albany County Land Bank Corporation hereinafter referred to as ACLBC, (see attached list of properties available for sale through ACLBC). Once we take title to a property we will rehab that property bringing that property up to code compliance and when we receive the certificate of occupancy we will rent that property out preferably but not exclusively to a Section 8 recipient.
What makes Housing and Emergency Services For Low Income People different is we will rent primarily but not exclusively to families receiving Section 8 Housing Choice Voucher and HUD VASH Certificates.
These rental subsidies will pay a percentage of their rent. However after 2 years Housing and Emergency Services For Low Income People will sell that same house the tenant who currently lives in that same house. The tenant will begin the qualifying process for a Homeownership Voucher within 60 to 90 days after taking occupancy.
While the tenant resides in the home we will work with the tenant so they can begin the qualification process for a Homeownership Voucher that will pay a percentage of their mortgage similarly to the Housing Choice Voucher having paid a percentage of their rent.
Their lease will be for one year month to month lease, renewable for one year for a total of two years. Once the tenant completes the qualification process for homeownership they will take title to the property at closing. The tenant will no longer be a tenant now they will be a proud homeowner.
We will continue to encourage those who are not on Section 8 to become homeowners, including but not limited to seniors who can participate in reverse mortgages and non-section 8 recipients who may qualify for down payment and closing cost assistance, subsidy grants, free housing counseling and education and so much more will be at their fingertips.
The goal of Housing and Emergency Services For Low Income People is to create homeowners out of tenants. In some instances we can sell the house directly to the Section 8 recipient after the property is rehabbed. Or sell the house to them with what is known as a 203K mortgage.
An FHA 203(k) Renovation Mortgage features a low down payment and low closing costs. You can finance a variety of home improvements and choose from short- and long-term fixed rate as well as adjustable rate mortgages pays for the rehab and the purchase of the property.
An FNMA HomeStyle Mortgage offers larger loan sizes for homes in need of renovation, repair or remodeling. A SONYMA Remodel New York Offered by the State of New York Mortgage Agency (SONYMA) in New York State, this program features a competitive interest rate for first time buyers purchasing a home in need of improvement. Down payment assistance is available. Borrowers are required to meet income and purchase price limits.
Our goal is to provide permanent housing for each family, that will not endanger their lives, their health nor their safety while they are pursuing homeownership for the house they now live in. and we are asking for your financial support.
The tenant may need to be residing in the house they are going to purchase because the qualification process for a Homeownership Voucher can take months. On the other hand, those tenants who do not qualify for a mortgage of have no desire to become a homeowner can remain a tenant. We will not evict a tenant simply because they choose not to purchase the home they rent.
I have also written a book entitled “Buy a Home with Your Section 8 Homeownership Voucher”. This book is available on my website www.HousingAndEmergencyServicesForLowIncomePeople.Comand other websites. This is book is available in different regions. Other books I have written include but not limited to “Free Money for Homebuyers” which includes the Section 8 Homeownership Voucher Program and other down payment and closing cost assistance programs. “Help for Homeowners Facing Foreclosure”, and more.
Won’t you help support Housing and Emergency Services For Low Income People today by sending your donation to Housing and Emergency Services For Low Income People, 90 State Street, Suite 700, Albany, NY 12206. Please make checks payable to Housing and Emergency Services For Low Income People.
All contributions are tax deductible. Donations accepted online at www.HousingAndEmergencyServicesForLowIncomePeople.ComDonations also accepted via mail.
As a contributor we will send you monthly updates on Housing and Emergency Services For Low Income People’s progress and individuals and families you have helped.