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"We have consistently administered this program in Tompkins County since 1996 and as a result have helped 338 families purchase their first homes," said Paula Poteat, who serves as liaison to the program. "This program, with its community partners, is helping moms and dads and their children take that big step of purchasing their first home in rural Tompkins County." Poteat’s job is to explain options that are available to first-time homebuyers, and help them overcome the barriers that are keeping them from home ownership.
“Better Housing for Tompkins County, under the direction of John Spence, has done a great job in administering our four housing programs—first-time homebuyer, home repair and modifications, senior housing and new housing development--meeting federal, state and county program requirements," Board President Carol DiSanto said. "And Paula Poteat has served as the new homebuyer program administrator since July of this year."
With the first time homebuyer program, Better Housing annually administers $750,000 in government funds that will be used for down payments and closing cost assistance toward the purchase of a home for low and moderate income families. Unlike other programs, Better Housing offers grants as well as loans to assist.
“Twenty-two families settled into their first home this year due to our program," Spence said. "Moving into that first home is such an important achievement that comes with a strong sense of security for the family. Even in a struggling economy we want residents of our county to be able to obtain the American Dream and this program has provided that ability to them."
In order to apply, an applicant must have 2% percent of purchase price from their own funds, and meet the following criteria: are buying a home outside the Ithaca city limits, good credit rating, sufficient income to support mortgage payments and their income must not exceed the income limit set for the Tompkins County region. They must attend Better Housing for Tompkins County First Time Homebuyer classes, as well.
“Better Housing Homeownership helps first time homeowners learn the ins and outs of homeownership," Paula Poteat said. "The potential buyers are schooled in budgeting and finances and all those details needed to be a successful homeowner. There is a very valuable educational component that comes along with this program. A lot of people and couples think they can’t afford to buy a home, or because they have student loans or credit card debt, they won’t be able to get financing,” Poteat said. “We want them to know that before they assume anything, they should sit down with us and discuss all their options. They might find that buying a first home is much easier and more affordable than they think.” Paula works closely with the Oversight Committee which consists of local realtors, bankers and county officials who review and approve applicant paperwork and the pre-purchase home inspections.
"This program illustrates the importance of partnerships among public and private agencies here in Tompkins County," Spence said. "Better Housing for Tompkins County, local lending institutions including banks, credit unions and programs like USDA and Tomkins County have all joined together in making homeownership a reality. The end result of this program is priceless."
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