Home Ownership Program

This program is designed for low and moderate income families and supports home ownership in the City of Oswego. Home ownership helps improve our city’s neighborhoods. The program has some restriction:

• The home must be located within the Oswego City limits;
• The purchase price of the house can not be higher than what the counselor recommends (this prevents losing a home to foreclosure);
• The grant is given as a loan and is forgiven (you don’t have to re-pay it) if you stay in the house for at least 10 years.
• If you move or sell the house the grant must be re-paid to the City of a pro rata basis.

A HOME IN OSWEGO MAY BE IN YOUR REACH!
The Affordable Home Ownership Program prepares you for buying your first home by:

• Helping you know what house price you can afford
• Helping you save to meet your goals and plan for emergencies
• Solving credit problems that prevent you from buying a home

The Community Development Office Housing Counselor will review your finances and debt confidentially to determine if you qualify for the program and figure out what size grant you can receive. The price of the house, the estimated cost of your monthly mortgage payment, and your ability to pay will determine the size of your grant. Average grants range from $10,000 to $17,000, depending on household size and income.

QUALIFICATION

• Two or more persons in the household;
• Minimum household income of $23,800 and $500 in savings for the home purchase;
• Maximum income by household size as follows:

For More Information Contact:
Kathryn Hoefer, Assistant Housing Program Counselor
City of Oswego Community Development Office
20 West Oneida Street, 3rd Floor
Oswego, New York 13126
Phone #: 315-343-3452
Fax #: 315-342-8231
Email: khoefer@oswegony.org