Binghamton Homeownership Academy

2/12/12 – Binghamton Homeownership Academy announced this week the 2012 First Time Homebuyer Course schedule due to a surge in interest.

• Session One: January 19, 26; February 2, 16, 23
• Session Two: March 15, 22, 29; April 5, 19
• Session Three: May 17, 24, 31; June 7, 21
• Session Four: August 30; September 6, 20, 27; October 4
• Session Five: October 18, 25; November 1, 15, 29 (only if necessary)

All classes will be held at Lincoln Court Apartments, 21 New Street, Binghamton. Classes begin 5:30 sharp and are 3 hours each.

Pre-registration is required, and can be completed by calling 723-0723. Space is limited, so please call and enroll now!

Graduates of the First Time Homebuyer Course are eligible to access range of services and programs, including a $10,000 grant to assist with closing costs and down-payment. Graduates may also open First Home Club savings accounts, in which every dollar saved can be matched by four dollars to be used for purchasing a first home.

The Binghamton Homeownership Academy is a collaboration between the City of Binghamton, Metro Interfaith, Quaranta Housing Services, and other local housing agencies.

February 10, 2012 – The City announced in January the doubling of the First Time Homebuyer Grant, to $10,000, which can be used to help cover closing costs and down payment.

“Closing costs have jumped dramatically over the years, and if we want to continue assisting those families and individuals who are ready, responsible, and qualified to shift from renter to homeowner, we need to keep pace with market trends,” said Tarik Abdelazim, Director of Planning, Housing and Community Development. “We want low and moderate income families to achieve homeownership, but more importantly, we want them to maintain homeownership. The Academy offers financial counseling, savings programs and basic education that will be very beneficial to our participants and it makes us feel much more confident that the small investments we’re making in academy graduates will reap long-term benefits for the new homeowner, the neighborhood, and the community.”

Graduating from the Binghamton Homeownership Academy is now a pre-requisite to qualify for the City’s First Time Homebuyer Program, and graduates may also be connected to housing grants and resources offered by other academy partners, such as First Ward Action Council, Quaranta Housing Services, or Metro Interfaith.

Academy classes are free and held at Metro Interfaith, which is the Academy Coordinator and located at 21 New Street, Binghamton.

Pre-registration is required, and can be completed by calling 723-0723. Space is limited. The January/February class series was booked to capacity, and the academy is now enrolling students for the March/April series.

The Binghamton Homeownership Academy is hosting another series of classes for first-time homebuyers interested in the City’s First-Time Homebuyer Program. Graduating from the Academy is now a pre-requisite to qualify for the City’s program, and graduates may also be connected to housing grants and resources offered by other Academy partners, such as First Ward Action Council, Quaranta Housing Services and Metro Interfaith. 

The classes will be held at the Greater Binghamton Association of Realtors (19 Jennison Avenue, Johnson City) and conducted by Metro Interfaith, the Academy’s Coordinator, and Quaranta Housing Services from 5:30—8:30pm on the following days:

• Tuesday, October 18^th
• Thursday, October 27^th
• Tuesday, November 1^st
• Tuesday, November 8^th

Pre-registration is required, and can be completed by calling 723-0723. Space is limited.

“In today’s economic climate, with locally increasing foreclosure rates coupled with the growing cost of living, the knowledge and understanding gained from Pre-Purchase Counseling could be the difference between living the American dream of homeownership or the loss of that dream,” said Metro Interfaith’s Conant Smith, who co-facilitates the Academy.

“A study done by NeighborWorks America in 2010 stated that foreclosure rates among first-time homebuyers who completed homebuyer education is down 34% compared to first-time homebuyers who had no homebuyer education,” said Quaranta Housing Service’s Michele Clark, another Academy co-facilitator. “The need for first-time homebuyer education is well-supported in this statistic.”

“The City has offered and managed a very successful First-Time Homebuyer Program for decades,” said Tarik Abdelazim, the City’s Director of Planning, Housing and Community Development. “Effective this year, interested residents will have to attend these Academy classes in order to qualify for our program. We want low and moderate income families to achieve homeownership, but more importantly, we want them to maintain homeownership. The Academy offers financial counseling, savings programs and basic education that will be very beneficial to our participants and it makes us feel much more confident that the small investments we’re making in academy graduates will reap long-term benefits for the new homeowner, the neighborhood and the community.” 

Announced in February 2011 by the City and its housing partners, the Binghamton Homeownership Academy serves as a one-stop-shop for current and future homeowners to conveniently connect with the many different grants, services and programs available to City residents. Though most resources are limited to low/moderate income families and individuals, many middle-income families may qualify for certain assistance. All interested individuals may call the academy at 723-0723 to inquire about available grants and determine eligibility.  More informaction can also be found at the academy’s website, www.binghamtonhomeownershipacademy.org.

Background on First-Time Homebuyer Program
The City’s First-Time Homebuyer Program, which is funded through the City’s annual HUD entitlement grants, offers eligible applicants a $5,000 closing-cost assistance grant. Eligible applications may also qualify for up to $25,000 in a deferred loan to cover rehabilitation work that brings the property up to code and improves home energy performance.

The Academy collects and shares information on programs and services offered by the following partners: City of Binghamton, First Ward Action Council, Metro Interfaith, Opportunities for Broome, Quaranta Housing Services, BC Habitat for Humanity, Community Potential Inc. and Home Headquarters.