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The Chautauqua Home Rehabilitation and Improvement Corporation (CHRIC) will get a federal sanction of about $22,000 through HUD for providing comprehensive foreclosure housing counseling. Congressperson Brian Higgins and Executive Director of CHRIC John Murphy announced this.
The operation of housing counseling sees to the encouragement of house ownership as the path to building wealth for all the residents of Chautauqua families. It focuses on foreclosure prevention, giving of advice regarding housing matters to senior house owners and making them acquainted with Home Equity Conversion Mortgages or HECM. More commonly the latter is known as Reverse Mortgages. The HECM permits those above 62 to tap the equity of the houses without making payments until they sell the houses. In matters of foreclosure and reverse mortgages the CHRIC is the most experienced counseling body in the county.
Speaking on the issue Murphy said, “The award of approximately $22,000 in housing counseling funding from HUS cements our agency’s ability to provide the full array of housing counseling services for Chautauqua County residents. I have done more than 90 reverse mortgage counseling sessions to help interested seniors use the wealth tied up in their homes to live more comfortably.”
Higgins was happy that satisfactory much required funds were coming into the county. He added, “In the current housing environment, having access to counseling experts for Chautauqua County residents is important. The Western New York housing market has not been hit as hared as it has been in other parts of the country, and homeownership remains an achievable goal for many families. FHA-insured reverse mortgages can improve the quality of life for those on fixed incomes and supplement retirement income to allow senior homeowners to live more comfortably.”
The offices of CHRIC are situated in Mayville. The agency has recently obtained a contract from the county to give 20 new house owners on the outskirts of Jamestown and Dunkirk with matters relating to down payment as well as energy rehabilitation with financial assistance up to $20,000. For undertaking works relating to safe and sanitary water the agency provides 1% USDA loans for repairing or replacing of water wells.
The CHRIC has of late been sanctioned funds for counseling from NYS banking department and NYS division of Housing and Community Renewal in cooperating with Legal Assistance of Western New York. It is these ground level measures that will ultimately have a broad impact on the general economy and should be emulated.
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