RUPCO reduces costs on subsidized units to encourage homeownership

For Immediate Release
July 11, 2013
Contact: Joan Lawrence-Bauer
845-331-2140 x 263

Kingston, NY — 07/11/2013 — RUPCO, one of the region’s leading affordable housing agencies, will assist families who wish to move from renting to homeownership by significantly reducing purchase prices on its new townhomes in Ellenville. According to an announcement first posted on Facebook, RUPCO has reduced prices on its three-bedroom, Energy Star rated homes to just $74,900 for income qualified buyers. To be income qualified, buyers should have a household income of no more than 80% of the area’s median income ($56,250 for a family of 4), though in limited cases, people earning 100% of the area median income may be eligible.

“RUPCO is committed to helping people achieve the American Dream of homeownership,” said CEO Kevin O’Connor in a statement issued this week. “As the housing market starts to improve, interest rates and prices will rise and we’re afraid lower income people will end up priced out of the market again. By lowering our prices now, we hope to get more folks into homeownership.”

O’Connor indicated that most of the people who have already purchased the townhomes are first-time home owners, though that is not a mandate of the program. “These townhomes are maintenance free and energy efficient so they are great for people just becoming homeowners for the first time,” said O’Connor. He added that the townhomes at Buttermilk Falls all come with Energy Star refrigerators, stoves and dishwashers included in the purchase price. “Most people buying are coming from rental units where appliances were provided, so if they buy at Buttermilk Falls, they don’t have to go out and buy new appliances too.”

RUPCO has already helped more than 40 first time homebuyers this year and hopes to help another 20 before year end. The agency not only provides new homes for purchase, but provides education on how to protect the investment in the home once that investment is made. RUPCO’s HUD certified housing counselors help people be sure they are buying something they will be able to afford over a long period. He noted that making the transition from being a renter to being a homeowner can be daunting and purchasing a townhome where maintenance is provided is a great way to make that transition.

“I would really encourage all renters to consider homeownership at this time,” said O’Connor. “Prices and interest rates can’t ever be lower than they are now and we’re starting to see them climb.” O’Connor noted that in some cases, RUPCO might also help people interested in a ‘rent-to-own’ option at Buttermilk Falls. People interested in purchasing the townhomes can call a housing counselor at RUPCO at 845-331-9860 or to actually see the homes, Ed Maldonado at 845-389-8555. For virtual tours, www.rupco.org or www.buttermilkfallstownhomes.com. Assistance is available in both English and Spanish and translators will be provided for applicants speaking other languages.

RUPCO is the region’s leading provider and advocate of quality affordable housing and community development programs aimed to provide opportunity and revitalize communities. For more than 30 years, RUPCO, a 501-c-3 not-for-profit has led the region in creating and maintaining quality, sustainable housing and rental opportunities, inspiring understanding and acceptance of affordable housing initiatives, fostering community development and revitalization and providing opportunity to people to improve their living standards. More information on all RUPCO programs is available at www.rupco.org.

Back to main Media Releases page

RUPCO on Twitter

Problem retrieving data from Twitter

Latest Facebook Posts

[custom-facebook-feed likeboxpos=top likeboxfaces=true likeboxborder=true width=235px]
Print Friendly, PDF & Email

Leave a comment