HOC Working with SONYMA

The State of New York Mortgage Agency (SONYMA), which offers low cost mortgages to first-time homebuyers, and NeighborWorks® America, are partnering to promote homeownership in underserved neighborhoods.

Under the one-year $450,000 agreement, NeighborWorks® America’s Northeast District and six local New York NeighborWorks® organizations will work with SONYMA to increase awareness of SONYMA’s products in low-income and minority neighborhoods where the agency’s mortgages would be most beneficial. As one of the six agencies participating in this program,The HomeOwnership Center will receive $63,000 for use in Oneida, Herkimer and Madison counties.

“This unique partnership with NeighborWorks® offers us a tremendous opportunity to boost the visibility of SONYMA’s programs in communities where they could do the most good,” said Priscilla Almodovar, president and chief executive officer of SONYMA. “Homeownership-when done responsibly-creates strong neighborhoods and stable families. By partnering with NeighborWorks counselors, we bring together SONYMA’s strong programs with NeighborWork’s high-quality education, which is the recipe for successful homeownership.”

Deborah Boatright, northeast district director of NeighborWorks® America said, “Now more than ever, low-income and minority communities need access to affordable mortgage products from a trusted source like SONYMA. It is these very communities that have been the most impacted by predatory lending and the sub-prime mortgage crisis.”

Copyright 2007 Utica HomeOwnership Center Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without authorization.