By JIMMY LAWTON

OGDENSBURG -- St. Lawrence County has received $750,000 in state funding to help first-time homebuyers interested in purchasing a home.

St. Lawrence County legislators accepted the funding at their Monday meeting.

The New York State Office of Community Renewal awarded $750,000 to provide mortgage buy down, closing cost, and housing rehabilitation assistance to at least 26 eligible, income-qualified households who are interested in purchasing existing, single-family, residences across the county.

St. Lawrence County Planner Matilda Larson said the program is commonly referred to as the first-time homebuyers, but the state refers to it as Direct Homeownership Assistance.

Larson says the county has used this program to help St. Lawrence County residents purchase 500 homes over the past 20 years.

"Of those 500 households we have had only five foreclosures," she said.

Larson said that in previous years the state has provided about $600,000 in funding but that increased this year due to a rise in property values throughout the state. In St. Lawrence County home values have not risen at the same rate, which means more people will likely benefit from the grant.

The program will help provide up to 20 percent of the cost of home purchase. Those interested in applying must meet income guidelines, and take the first-time homebuyers class, which is about three days.

The classes are designed to help people learn how to maintain and keep their home. It includes information on home maintenance, accelerated mortgage payments and provides an understanding of debt to income ratios as well as other aspects.

Households may be eligible to participate in the County’s DHAP if they:

• Earn less than 80% of the County’s Median Household Income Limits (see attached for current income limits); have never purchased a home;

• Can satisfy debt-to-income underwriting limits of participating lenders.

• Prospective applicants must complete an introductory interview and a comprehensive homebuyer training program with the North Country Housing Council in order to receive assistance on buying a home.

• Eligible applicants may select a unit they can afford that ranges in price from $30,000 to $85,000. Units requiring repair may be purchased as long as the home can pass inspection and be repaired at reasonable cost. The average amount for repair costs is anticipated to be $8,000 - $10,000.

• Persons interested in participating in the Program are encouraged to contact the North Country Housing Council at 386-8576 to be placed on the Program’s waiting list.