2002-04-03 / Briefly Noted
Grant Money Still Available From Putnam Mortgage Buy Down Program
The Putnam County Housing Corporation (PCHC) has received $83,345 in funding from the Federal Home Loan Bank of New York through its Affordable Housing Program (AHP) to establish the Putnam Mortgage Buy Down Program in partnership with HSBC. The AHP funds are being used to help first-time homebuyers buy down the interest rate on new mortgages. The assistance is in the form of a grant in order to make mortgage rates more affordable to residents at or below 80% of median income ($54,372 for three or more people) based on Mortgage Revenue Bonds.