Archive: Business & Technology

The Lansing Star OnlineSaving for a down payment is one of the barriers facing renters who want to become homeowners.

Ithaca Neighborhood Housing Services (INHS) now offers assistance through a matched savings program, funded through New York State’s Division of Housing and Community Renewal. Available to individuals and families, based on their income, the program offers a 4:1 match rate for every dollar saved over a 12 to 24 month period.

“It means that saving a little money each week can really add up - $20 saved is matched with $80. If you save $20 a week, you’re savings with the match will total $5,200 at the end of 12 months. Setting more money aside or participating for a longer time period means saving even more, up to a maximum of $7,500. Besides assisting someone purchase a home, this program helps households develop budgeting skills and regular savings habits too,” states Diana Garcia, Director of Lending Services at Ithaca Neighborhood Housing Services.

Garcia continues, “The high cost of renting an apartment can make it very challenging to save the amount of money required to purchase a home. It can be very difficult – especially for households in the low-income range – to break out of the renting cycle.”

Besides income restrictions persons enrolled in this savings program must complete a financial education course and INHS’ first-time homebuyer education course and be mortgage-ready when they finish their savings goal. This savings program can be used with any local lender for a home purchase in Tompkins County or any of the surrounding counties.


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