Once an employee completes the New Ark homebuyer workshop, they will be given a New Ark grant of as much as 5% of the purchase price of the home to serve as the down payment. Then Fannie Mae will purchase the first mortgages that BNY Mortgage will initiate for this program.
New Ark is currently rehabilitating four homes here that will be available for purchase under the program. The organization buys or is given through charitable donation vacant lots or abandoned homes. New homes are built or the old ones are rehabilitated. Then the house is sold to moderate- to low-income buyers. In many cases, New Ark funds the down payments and closing costs.
At the unveiling ceremony, attended by Mayor Sara Bost, State Senator Ronald L. Rice and representatives from the partnering organizations, the difficulty of investing in a home was highlighted. Also, the benefits to the community of ownership were given the spotlight.
"As hard-working families find it more difficult to save for a down payment in today's housing market, this partnership between Fannie Mae, New Ark of Hope and BNY mortgage will truly make a difference for the city employees striving to achieve homeownership," said Mayor Bost.
"Irvington is a great town with the best residents," said Senator Rice. "This benefit for employees is extremely important to Irvington's revitalization efforts. I salute the partnership for its innovative approach to helping people live the American Dream of homeownership and to sparking economic development in the township."
Reverend Monsignor Dennis J. Mahon, president of New Ark and executive director of Catholic Community Services, added, "Our homeownership initiative will contribute to the community revitalization currently underway in the Town of Irvington, with a stable workforce and home owners who care about their community."
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