A brief overview of each program offered by NHS of South Buffalo.
Closing Assistance Loans for First-Time Homebuyers
NHS of South Buffalo now offers Closing Assistance Loans for first-time homebuyers in the South District**. Loans will be secured as a soft second mortgage with an interest rate of 1%. You must remain in the home until the assistance loan is repaid (60 months). If you move out of the home, you must pay the loan in full. You must invest at least 2% or $500 of your own funds, whichever is higher, for down payment. You are required to obtain an independent home inspection at buyer's expense. You must qualify for a mortgage loan with an approved financial institution (NO owner-held mortgages). You must take the agency's eight-hour Homebuyer Education course (see above for dates offered).
**The South Distract is defined as south of the Buffalo River, situated within the municipal boundaries.
Please call our housing counselor, Pamela Tait-Kwiatkowski at (716) 823-3630 x109 for more information or to inquire about the application process.
Commercial Façade Loans
Provides a matching loan to small businesses. Interest rate of 3%, maximum loan amount of $5,000 for a term of five years.
Possible improvements include, but are not limited to:
Doors; Paving; Lighting; Landscaping; Exterior code corrections; Siding removal or installation; or Sign painting or repair.
Work individually with an experienced counselor to prevent foreclosure or buy a new home.
NHS of South Buffalo has supported Fair Housing since its inception in 1989.
HOME (Housing Opportunities Made Equal) the Fair Housing Agency of Western NY says it best:
“HOME's mission is to promote the value of diversity and to ensure the people of Western New York an equal opportunity to live in the housing and in the community of their choice through education, advocacy, enforcement of fair housing laws, and the creation of housing opportunities."
The mission of NHS of South Buffalo has always ran parallel to theirs and the importance of fair housing policies has been a education focal point in our pre-purchase homebuyers seminars, as well as their rights and responsibilities when they are shopping for a home. Look for workshops from NHS addressing fair housing in 2014. Check out our blog post on Fair Housing Month for more information.
A variety of two-hour workshops covering such topics as budget management, foreclosure prevention, and understanding credit. The foreclosure workshop last four hours.
First Home Club
Clients wishing to participate in this program will enroll in our education classes and create a savings account in a bank affiliated with The Federal Home Loan Bank (FHLB) of New York’s First Home Club.
Due to customer demand, we are re-launching our homebuyer education programs in 2013!
Homebuyer Clubs will be weekly two hour classes over a six week period addressing various topics on homebuying. These will be geared toward the first time homebuyer who needs a little help with becoming mortgage eligible. This will be able to be used as Education Certification for any of the local bank requirements.
Homebuyer "Fast Track" Classes will be four hour classes for brief coverage of necessary homebuying information geared to the seasoned buyer who just needs education to close.
Homebuyer Education classes will be traditional eight hour classes covering homebuying from A-Z.
Home Rehab Loans
Our Construction Analyst inspects the home to determine what repairs we can help with. We provide the homeowner with a bid package that will enable them to obtain a licensed contractor. We conduct regular inspections to ensure quality.
Interest rates range from 1-5% based on income. Maximum funding is 80% of the value of the home.This program targets code violations and major systems (plumbing, heating, electrical). We do not do cosmetic work (carpet, paint, etc.).
Our staff is trained in a variety of methods to identify lead in homes, including: Lead paint inspections; Lead hazard screening; Dust sampling prior to and following renovation or repair; Pre and post inspection and reporting; and Construction consultations.
We own and manage eight rental units. 131 Southside has six one- and two-bedroom apartments. 1937 South Park has two two-bedroom apartments.
An experienced team will conduct an energy audit, weatherize the house, and follow up with an inspection to check quality and effectiveness. Due to demand, there is currently a several month wait between applying and the energy-audit.