FOR IMMEDIATE RELEASE
May 1, 2023
Mayor Noble and RUPCO Announce First-time Homebuyer Program
KINGSTON, NY – Mayor Steven T. Noble is pleased to announce that the City of Kingston and RUPCO have partnered for a First-Time Homebuyer Program.
The City of Kingston is funding the program with $395,000 from the City’s annual Community Development Block Grant funding, and RUPCO will administer the program. The First-Time Homebuyer Program will provide up to $50,000 in funding to six or more income-eligible first-time homebuyers in the City of Kingston to assist with acquisition costs, including up to 50% of a down payment required by the mortgage, reasonable and necessary closing costs, and subsidy of the applicant’s mortgage principal amount. Applicants must comply with the income limits below.
Household Income Limits
|
Household Size
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
|
Gross Income all sources
|
$53,800
|
$61,450
|
$69,150
|
$76,800
|
$82,950
|
$89,100
|
$95,250
|
Mayor Steve Noble said, “This program will help boost homeownership in the City of Kingston and put ownership within reach of lower-income families who want to own a home in Kingston and create generational wealth. We are pleased to fund this program with our CDBG grant, and to partner with RUPCO, who will be facilitating the program. I look forward to seeing as many new first-time homebuyers as possible benefit from this vital housing program here in our community.”
Faith Moore, Senior Vice President of Operations and Strategy shared “At RUPCO, we provide affordable housing solutions to income-eligible families and individuals, especially in today's challenging housing market. We are thrilled to announce our partnership with the City of Kingston to launch their CDBG First-Time Homebuyer Program, which aims to support first-time homebuyers in the city to acquire their first homes. This program will significantly impact many families in Kingston, allowing them to own their homes and create a sense of stability and security for themselves and their loved ones. We are committed to ensuring that income-eligible families and individuals can access affordable homeownership opportunities, and we are excited to collaborate with the City of Kingston to create more opportunities like this in the future. We are confident that this program will empower many families to achieve their dreams of homeownership and build a better future for themselves and their community.”
A RUPCO Counselor can assist households in navigating the first-time homebuyer process, review credit, and provide referrals to affordable loan options and determine eligibility for grant funding. To learn more about terms and conditions and to apply for counseling, visit www.rupco.org.
Mayor Noble established the Department of Housing Initiatives in 2020 to support housing planning in the City of Kingston. The Department manages housing-related grants, supports the construction of new market-rate and affordable housing, develops policies to protect existing residents, and addresses the connection between housing and sustainability, health, and mobility. The Department also reviews the disposition of city-owned property suitable for housing development and collaborates with local and regional housing organizations. Current projects include city-wide rezoning efforts, the Tiny Homes Project, short-term rental guidelines and many more. Visit https://kingston-ny.gov/housing.