Multi-Family Units & the Federal Tax Credit

I learned something new today regarding the Federal Tax credit for first time home buyers (defined as not owning a home in the past 3 years.) If you purchase a 2-family unit as your primary residence, you are only eligible for half of the tax credit and only a third of the credit if you purchase a three-family unit, etc.



There are still no local mortgage lenders that are providing a short term loan so that the tax credit may be used for closing costs. Since Labor Day weekend is the realistic cutoff to have an offer accepted in order to close before the November 30th deadline, I'm no longer optimistic that this loan is even going to be offered. Most lenders are now advising that buyers get a gift from a family member and give a gift back after closing.



Sales are still brisk in Rochester, with houses in the North Winton area selling within hours of being listed. If you'd like more information about buying in the Rochester area, consider signing up for my Buyer Seminar scheduled for Wednesday, June 24, 6 to 7:30 pm.

City Offers Grants to Landlords for Lead Removal

The City of Rochester is offering a lead grant for rental properties that will assist with 90% of the lead remediation related project cost up to $18,000 per unit for porch repair/ replacement, window/door repair/replacement, painting and bare soil treatment. In extreme cases, funding may be used for exterior siding. Landlords are required to contribute 10% of the total project cost.


There are only 75 of these grants available so act fast. To receive an application simply e-mail your: 1) full name, 2) telephone number, 3) address of business, and 4) email address to RocLandlord@TheHousingCouncil.org with "City LEAD Grant Application" as the subject line.

54 Westmoreland Dr. - Great deal for U of R Employees

54 Westmoreland Drive. Cute house in a wonderful location. This property qualifies for up to $9000 in grants for full and part time employees of the University of Rochester. In addition, if you have not owned a home in the past three years, you may qualify for the $8000 federal tax credit if you close before December 1, 2009. Stop by and see me today at my open house from 1 to 3 or call me for details. 585-414-5513

M&T Bank Offers Up to $7500 for First Time Home Buyers!

Usually, the first home is the most difficult to buy. In most cases, you must still pay rent while trying to pull together the funds needed for closing costs and down payment. Well, M & T Bank has a very nice program to help low and moderate income buyers save for a down payment.

The M & T First Home Club is a savings plan in which participants must make a monthly deposit into a M & T savings account and the bank will match those funds $4 for every dollar deposited up to $7500! The program is a 10 month to 24 month program and participants must also participate in HUD approved homeownership education program. Many of the education programs also provide credit counseling and so this could be a good option for a potential homeowner that needs some time to clean up their credit report. There are income requirements to participate in the program. For this program, a first time home buyers is defined as someone who has not owned a home for the past three years.

If you know someone that might be interested in this program, have them call me. My cell phone is the best way to reach me: 414-5513

U of R Employees Offered $9000 Incentive to buy City Homes!

The University of Rochester and the City of Rochester each are offering $3000 in assistance to full and part time employees of the University of Rochester that buy a home in select neighborhoods in the City of Rochester. In addition, Advantage Federal Credit Union and Canandaigua National Bank & Trust will provide an additional $3000 in assistance.

The targeted areas for the incentive program are the 19th Ward, Plymouth-Exchange on the west in Sector 4; while to the east, they include Highland Park, the South Wedge and other nearby communities in Sector 6. They are the neighborhoods that are closest to the campus. A win-win situation, this program should provide a nice boost for the Rochester real estate market.

These neighborhoods provide a wide variety of homes in a broad price range. At the upper end of the range is a beautiful 2000 sq foot Arts & Craft style home listed at $186,900 ( www.RochestersBestHomes.com/808603 ). The South Wedge Neighborhood is a popular neighborhood for young professionals and has several nice options. For example, a 5 bedroom home with lots of natural woodwork goes for $122,000 (www.RochestersBestHomes.com/812395 )

On the west side, there are approximately 100 current listings of single family homes, with prices between $20,000 (needs lots of work! to $145,000. A cute bungalow style home with three bedrooms and 1 and a half baths is listed at only $61,500 (www.RochestersBestHomes.com/805433 ) or a drop-dead gorgeous colonial with new kitchen and as well as recent new furnace, AC, roof for $119,500 (www.RochestersBestHomes.com/733325)

In addition, NeighborWorks Rochester will be providing participants with home ownership counseling. For additional information about this program and an updated list of eligible properties, and other information about Rochester real estate drop me an e-mail or give me a call.

Mary Shelsby

MShelsby@gmail.com

office: 585-756-7457 cell: 585-414-5513

A Holiday Gift For First Time Home Buyers

A recent client of mine was struggling with coming up with all the funds necessary to purchase his first home. He had a steady job, good credit but was short of money. To help him out, I put together a list of organizations that provide support to first time home buyers in Rochester and surrounding areas. He was so appreciative, that I thought this would make a good holiday gift for my readers.






NeighborWorks
570 South Ave
Rochester, NY 14620


(585) 325-4170 Ext 316



Providence Housing Development Corporation
1136 Buffalo Rd
Rochester, NY 14624


(585) 328-3228 ext. 1319


Marketview Heights Association
308 North Street
Rochester, NY 14605


(585) 423-1540


Rochester Housing Development Fund Corp
183 E. Main Street, Suite 900
Rochester, NY 14606


(585) 423-6326


Urban League of Rochester - Home Store
265 North Clinton Ave
Rochester, NY 14605


(585) 325-6530 ext 3078


Bishop Sheen Ecumenical Housing Foundation, Inc.
935 East Ave, Suite 300
Rochester, NY 14607


(585) 461-4263 ext 102


Rural Opportunities, Inc.

Monroe County (585) 340-3302


Genesee & Orleans Counties (585) 343-7297


Ontario & Wayne Counties (585) 234-3565

Each of these programs have unique criteria to qualify for assistance and they provide a wide assortment of services, from education & counseling, grants, matched savings to inspections and home repairs. I have a complete packet of information, so for more details drop me an e-mail.

Please have a safe and joyous holiday season!

Mary Shelsby

p.s. the cardinal photos were taken in Highland Park just after last weekend's snow storm.

First Time Homeowner Assistance

Last week the local real estate board hosted a real estate agent fair. Imagine this! Hundreds of licensed agents all under the same roof at the same time. Generally, I enjoy the fair because it's an opportunity to learn what is new in the market place. This year's event seemed rather bland. Most of the exhibitors were banks and mortgages companies and their message, loud and clear, was we're still in business.

I did pick up some updated information about the Monroe County Homeownership Program. It is a program created by Catholic Charities and includes education and financial assistance for individual and families with limited income. The organization provides credit repair and budgeting counseling as well as a match savings program. For more information, give me a call at 585-756-7457 or an e-mail.