For many people in the Hudson Valley, home ownership is a dream that increasingly threatens to never come true. According to the 2022 Dutchess County Housing Needs Assessment, the values and sales prices of homes in the county have officially reached a level where any household earning less than $100,000 will struggle to become homeowners.
If the lack of housing inventory and high home sale costs driven by the pandemic weren’t enough, would-be homebuyers are now faced with brutally high interest rates and historic inflation. Add to that the fact that renters’ incomes aren’t growing fast enough to keep up with it all, and you have a recipe for a housing crisis with knock-on effects that could last for generations.
“Homeownership is one of the most effective strategies for wealth building,” says Christa Hines, President and CEO of Dutchess County-based affordable housing nonprofit Hudson River Housing. “Not only does it build personal wealth and security, it also contributes to stable and healthy neighborhoods.”
To help cost-burdened first-time homebuyers close the wealth gap and achieve the dream of purchasing their first homes, Hudson River Housing has recently announced that it is partnering with youth social services organization Nubian Directions to build three brand-new, energy-efficient two-family homes in Poughkeepsie’s Northside neighborhood.
Through the new Northside Homeownership Program, which is funded by the NYS Affordable Housing Corporation, income-eligible applicants will have access to down payment assistance, with the possibility of a payment as low as one percent. Additionally, applicants may be able to receive long-term mortgage assistance to keep the homes affordable well into the future.
By offering homebuyers the opportunity to purchase a two-family home instead of just a single-family home, the organization promises to deliver a one-two punch to the housing crisis. “It has the double benefit of bridging the financial gap for new homeowners by providing additional income as well as providing much needed affordable rentals for the community,” says Hines.
The team at Hudson River Housing’s NeighborWorks HomeOwnership Center will be available to guide prospective homebuyers through the entire process of applying to the program, which will cover important aspects of the home-buying process, owning a home, and maintaining a home. Each homeowner will also have access to landlord training from the organization to ensure they are prepared to maintain their rental units and relationships with future tenants.
“I am so proud and humbled to be a part of what Hudson River Housing does to help lower income first-time homebuyers obtain the American dream of homeownership that they can afford,” says Mary Linge, the organization’s VP of Real Estate Development and Homeownership. “I have handed house keys to dozens of homeowners over the years and it never gets old! There is nothing else that compares to the experience of helping hard-working families and individuals become long-term stakeholders in their own communities.”
The homes, which are currently under construction on Smith Street, Thompson Street, and Pershing Avenue, are slated to be complete for occupancy by Spring 2023. Individuals and families interested in purchasing one of the homes can contact Hudson River Housing’s HomeOwnership Center by emailing [email protected] or calling (845) 454-5176 Option 6.
November is Homelessness Awareness Month. In recognition of the effort to bring greater awareness to the growing numbers of people experiencing homelessness and housing insecurity in the Hudson Valley, on Friday, November 11 Hudson River Housing will host its 16th Annual Wind Chill event. This year's event is free to attend, open to the public, and will take place at Vassar College in Poughkeepsie. For more information, visit Hudsonriverhousing.org.
