2003-09-19 / Community

Margert Offers Home Ownership Program

Margert Offers Home Ownership Program

Homeownership is the most common way for American families to build and pass on wealth from one generation to the next. The building of home equity, and the general trend of real estate to appreciate in value over time, are the fundamental building blocks of the "American Dream." Successful homeownership contributes to healthy families, neighborhoods and communities.

The New York City Housing Authority (NYCHA), in partnership with Margert Community, has designed a program to help Rockaway NYCHA residents buy and keep homes of their own, so they can build intergenerational wealth and build brighter futures for themselves and their children.

Under the NYCHA Ocean Bay Apartments HOPE VI program, Margert Community Corporation has contracted to offer enhanced housing counseling services to prepare NYCHA residents to make the transition to homeownership, and to take advantage of new homeownership opportunities.

Margert’s Homeownership Preparation Program (HPP) is designed to empower NYCHA residents to break through the existing barriers that impede lower income and minority participation in the American Dream.

NYCHA will provide a purchase assistance subside, up to $25,000 for eligible resident households, to make first time home purchase more affordable. The purchase assistance subsidy will be available on a first-come, first-served basis; to a limited number of NYCHA households that successfully meet program requirements. Minimum household income requirements will apply, and first priority will be given to NYCHA Ocean Bay residents. Second priority will be given to other Rockaway NYCHA residents, and a third priority will be extended to NYCHA residents living outside of the Rockaways.

Margert is a HUD-approved housing counseling agency that provides assistance to persons who want to buy or already own a home or rent an apartment, and who seek to be responsible buyers, owners or tenants. The agency also has the capacity to make available matching grant funds to qualifying individuals and families enrolled in its programs.

Successful completion of the program will require 21 hours of classroom training. Qualified instructors, certified mortgage and tenant counselors, and experienced budget and credit repair counselors will be available to provide both group and individual assistance.

To find out more about Margert’s Homeownership Program (HPP), or to enroll your family, please see our advertisement in the opposite page, log onto our website.

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