[NYAPRS Enews] OMH, OMR: Parents Eligible for OMRDD and OMH "Home of Your Own" Mortgages

[Harvey Rosenthal]

Parents Eligible for OMRDD and OMH "Home of Your Own" Mortgages

SONYMA Mortgages Offered at Very Favorable Rates

 

October 19, 2007

 

NEW YORK -- Parents of individuals with developmental disabilities,
mental retardation or mental illness can now apply for mortgages under
the Home of Your Own (HOYO) Program, which is financed by the State of
New York Mortgage Agency (SONYMA).

 

The Home of Your Own Program-run jointly by SONYMA, the NYS Office of
Mental Retardation and Development Disabilities (OMRDD) and the NYS
Office of Mental Health (OMH)-helps people with developmental
disabilities or mental illness purchase homes with SONYMA mortgages
issued at very favorable terms.

 

Enabling parents to apply for SONYMA mortgages will ease the financial
burdens on families and improve their ability to provide for the needs
of their children.

 

"We are delighted to be able to extend our SONYMA mortgages to parents
coping with serving the needs of their children with developmental
disabilities or mental illness," said Priscilla Almodovar, President and
Chief Executive Officer of SONYMA. "The Home of Your Own Program is very
important for our special needs population and we're glad to be able to
make it more widely available."

 

"I am pleased to offer this pioneering opportunity to parents of people
with developmental disabilities who want to achieve the American
dream-home ownership," said Diana Jones Ritter, OMRDD Commissioner.
"This is wonderful opportunity to advance the Governor's housing agenda
and work cooperatively with the State of New York Mortgage Agency and
the Office of Mental Health. Expanding the Home of Your Own program will
help us put people with developmental disabilities on the path to
greater independence."

 

"Recovery from mental illness without stable, decent and affordable
housing is almost impossible," said Mike Hogan, Ph.D., Commissioner of
OMH. "The Home of Your Own program has already been a great housing and
recovery resource for people with a mental illness. We know that many
individuals with mental illness live with family, and this expansion of
the Home of Your Own program will assist even more New Yorkers when it
comes to financing a home."

 

The Home of Your Own Program offers very favorable mortgage terms for
eligible applicants. Under the program, OMRDD and OMH refer
applicants-and now their parents-to SONYMA after they complete a
homebuyer counseling program. To be eligible, applicants must be
first-time homebuyers and have incomes of no more than 80 percent of the
area median income in the region where they live. There is also a limit
on the purchase price, which varies by location.

 

The program offers a very low 4 percent fixed interest rate on mortgages
of 30 or 40 years, 100 percent financing and reduced closing costs.
Closing cost assistance is also available from SONYMA. The program is
offered exclusively through M&T Bank, which has agreed to forgo or
reduce some of its normal closing costs.

 

The program is available for homes, condos, co-ops and double-wide
mobile homes permanently affixed to real property. Accessibility
improvements are funded by OMRDD or OMH as needed.

 

Since the program was introduced in 1996, 189 households have used $13.2
million to finance their homes.

 

For more information on how to apply for the Home of Your Own Program,
contact Lucinda Grant-Griffin, director of the HOYO program at OMRDD, at
(518) 473-1973 or contact OMH at (518) 474-5191.

 

---- OMRDD provides high-quality, people-centered services, supports and
advocacy to individuals with developmental disabilities and their
families. Our goal is to help those with developmental disabilities
enjoy meaningful relationships with friends and family; experience
personal growth; and participate fully in their communities. OMRDD also
provides leadership and excellence in developing public policy and in
the field of research.

 

OMH promotes the mental health of all New Yorkers with a particular
focus on providing hope and recovery for adults with serious mental
illness and children with serious emotional disturbances. OMH works
closely with local governments, community providers, and recipients of
mental health services and others to plan and deliver effective services
that provide hope for the future and promote recovery, and are designed
to be consumer and family focused, responsive to individual needs, and
respectful of culture and language. OMH also promotes overall public
mental health through education and advocacy.

 

SONYMA was created in 1970 with the mission of helping low- and
moderate- income families become homeowners. It offers a variety of low
down payment mortgages that provide below-market fixed interest rates,
as well as closing cost assistance through a network of participating
lenders across the state.

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