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Old 11-05-2014, 10:13 AM
 
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I received the grant from this program a few years ago. Apparently they mail you a recertification letter to be notarized randomly as part of the requirement to live in the home for at least 10 years.

Anyone past the 4 year mark can advise on what years they received this letter from HPD/Tameka Foster? Thanks!
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Old 11-05-2014, 07:19 PM
 
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Originally Posted by nyccs View Post
I received the grant from this program a few years ago. Apparently they mail you a recertification letter to be notarized randomly as part of the requirement to live in the home for at least 10 years.

Anyone past the 4 year mark can advise on what years they received this letter from HPD/Tameka Foster? Thanks!
I have two friends in this program. They both told me they receive the letters once in a while, like maybe once every 1.5 to 2 years, but neither could pinpoint the exact timing.

Why does the timing matter exactly? The rules of the program say that you have to live there 10 years, or else you owe all of part of the money back. If you still live there, you should have no trouble complying with the agreement.
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Old 11-05-2014, 07:39 PM
 
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I mean, this is absolutely bizarre. The city just gives money to people for a down payment? So the gov't takes from some people to give to others. That's just hard to fathom.

Frankly, no sane person could arge that stop and frisk is racist but this program is not.
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Old 11-05-2014, 07:46 PM
 
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Originally Posted by joeymags View Post
I mean, this is absolutely bizarre. The city just gives money to people for a down payment? So the gov't takes from some people to give to others. That's just hard to fathom.

Frankly, no sane person could arge that stop and frisk is racist but this program is not.
Well, it's only theirs to keep if they stay 10 years. It's a "forgivable loan." The point is to encourage home ownership in certain areas that could be improved by more people owning as opposed to renting and not investing/caring about the neighborhood.
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Old 11-05-2014, 08:50 PM
 
Location: NYPD"s 30th Precinct
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Originally Posted by joeymags View Post
I mean, this is absolutely bizarre. The city just gives money to people for a down payment? So the gov't takes from some people to give to others. That's just hard to fathom.
Of course the government "takes from some people to give to others". Look at it on the big picture. Take Mississippi for example. For every dollar of federal revenue they generate, they receive over $3. Then look at Delaware, they get 50 cents from the federal government for every dollar they generate for it. The federal government is taking from Delaware and giving to Mississippi because that's how things are supposed to work. Mississippi has an insane poverty rate and could never hope to come close to supporting itself without the federal government.

Everything is interconnected in the economy, and you can't boil it down to "rahh rahh Socialism!"

When the city gives money to someone to help them purchase a house, it's an investment. That person is now paying property taxes, they're dropping several thousand bucks at nearby businesses just on furnishing the new home alone, plus all of the other expenses (both one time and recurring) that go along with home ownership, which any homeowner can tell you are pretty much endless.
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Old 04-29-2015, 01:56 PM
 
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Default is this a grant or loan??

Quote:
Originally Posted by Gee1995 View Post
I don't know how it works for the down payment because as I said mine went toward closing costs. What happened was that when I first sat down to apply for the mortgage my loan officer did a rough estimate of the closing costs (which was under 10K) and then I made an appointment with HPD. You have to bring in a ton of paperwork for the initial application (some of it redundant with what you've already provided for the mortgage application), plus it costs money to apply. Then you have to take an online course on homeownership, and pass a test afterward. They will tell you this course takes 5-8 hours to sit through--try 14-16! Then you receive a certificate after passing the course--this is also necessary for the grant. You have to have at least 2 counseling sessions with your counselor. Then once you're approved it takes a WHILE for the money to actually get wired to the bank. BE PATIENT. They told me 5 days to approve, 10 days to wire the money--it takes much longer than this, and all during this time they'll be asking you for more documentation, more this, more that (stuff you've already sent them). BE PATIENT. You *will* get the money. They're inefficient (sometimes really bad about responding to emails) and it's frustrating but they do a great service in the end.

You can always make an appointment with them before you start your application process. They offer a lot of services besides the HomeFirst grant--I've been giving the name of my counselor to people who could use general financial counseling, how to manage their money, etc. I'm sure they'd be perfectly happy to explain the program to you before you actually start the process. I don't know about 15K vs. 3%--as I said my loan officer gave them an estimate for the costs and that was the amount I received. I do know there are other limitations--it has to be your first home purchase (although they define this a certain way--I think if you bought a home, say, 20 years ago, as far they're concerned, you're starting from zero) and your income has to be under a certain amount.



does anyone know if its a grant or loan??
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