Constituent Services
Congressman Higgins and Mayor Teresi Announce Jamestown Homeownership Initiative
August 9, 2007
Congressman Higgins and Mayor Teresi announce new Buy Northside! program in Jamestown.
Congressman Higgins and Mayor Teresi announce new Buy Northside! program in Jamestown.

NeighborWorks® America Funding to CHRIC Will Promote Homeownership

JAMESTOWN, NY -  Congressman Brian Higgins and Jamestown Mayor Sam Teresi announced federal funding from NeighborWorks® America to Chautauqua Home Rehabilitation and Improvement Corporation to promote homeownership in a targeted area of Jamestown.  The $100,000 initiative is called ‘Buy Northside!’ and is intended to make homeownership more affordable and attractive in a broad swath of the city’s north side neighborhoods.  Through the initiative CHRIC will offer 0% loans to eligible families and individuals purchasing owner-occupied houses, to buy down the interest rate on mortgages, thereby lowering monthly mortgage payments. 

“This is a great program to help revitalize Jamestown neighborhoods and encourage families to invest in Jamestown’s future by buying homes in the city.  Combined with other CHRIC programs such as their acquisition, rehab, re-sale program, the Buy Northside! initiative can have a significant impact in restoring the vitality and viability of Jamestown neighborhoods,” said Congressman Higgins.

Mayor Teresi added, “The Buy Northside! program that CHRIC will be implementing will encompass the PRIDE neighborhood where the city has been very active, and will add to the combined efforts that north side residents, CHRIC, and the city of Jamestown have been undertaking to strengthen and support neighborhoods. It would be my hope that mortgage-eligible families already renting in the city consider the Buy Northside! program as a way to permanently make Jamestown their home, raise their families here, and be a part of the fabric that makes this city great.”

John Murphy, executive director of CHRIC said, “We are very appreciative of the support we have received from all our partners, from Congressman Higgins and Mayor Teresi, to our lender partners at M&T Bank, and also the members of PRIDE in bringing these loan funds to Jamestown to promote homeownership and neighborhood revitalization.”

CHRIC received support for their Buy Northside! application from M&T Bank, who will use their Get Started mortgage product in conjunction with the homeownership initiative. Other CHRIC lender partners will be able to participate in helping new homeowners obtain mortgage financing as well. 

Chautauqua Home Rehabilitation and Improvement Corporation, a member of the national NeighborWorks® network, is receiving these funds through a flexible funding allocation from NeighborWorks® America – providing a much-needed boost in support of CHRIC’s community development activities. 

Deborah Boatright, Northeast District Director, stated: “NeighborWorks® America is proud to support CHRIC in the Buy Northside! Project. As a national corporation, we are committed to supporting the communities served by our Chartered Member organizations.  We understand the importance of flexible funding that can be used in different ways to revitalize a neighborhood and bring a needed project to fruition. The public-private-resident partnership demonstrated here today is key to the success of Buy Northside!, and we congratulate CHRIC on its leadership role.”

In 2007, NeighborWorks® America will provide millions of dollars in two funding rounds to its national network of 238 nonprofit organizations operating in over 4,400 communities. Nationally the NeighborWorks funds will be used to create homeownership for lower-income families, produce and manage affordable, high-quality rental properties, stem the tide of foreclosures that threaten neighborhoods and local economies, and revitalize and strengthen communities. 

 

NeighborWorks® America CEO Ken Wade stated that, "For every one dollar of NeighborWorks® funds going to local affiliates, we help leverage $31 in investment for America’s communities.  As stewards of taxpayer dollars, NeighborWorks® ensures our investments are working in ways that truly make a difference. We thank Congressmen like Brian Higgins and our other private, philanthropic and public funders who make our work to strengthen communities possible.” 

Established by Congress in 1978 as Neighborhood Reinvestment Corporation, NeighborWorks® America is the original community/public/private partnership model, with locally-driven, efficient community development and leverage of the public investment as its hallmarks.  Over the past 30 years, NeighborWorks® America and the NeighborWorks® System have consistently replicated this successful model in over 4,400 communities in all 50 states, the District of Columbia and Puerto Rico; in America’s urban, suburban and rural communities.  NeighborWorks® organizations receive loan capital, grants and programmatic support from NeighborWorks® America, as well as training scholarships to the NeighborWorks® Training Institute.

The NeighborWorks® network has been able to:

  • Invest over $12 billion in America's urban, rural, and suburban communities in the last five years alone;
  • Help minority families achieve homeownership at four times the rate of  conventional lenders;
  • Develop, own and manage over 60,000 affordable, high quality rental units;
  • Rehabilitate more than 25,000 owner and rental housing properties in the last year, using state-of-the-art methods, including green and healthy building techniques;  
  • Educate and counsel homeowners, reducing mortgage default rates among those counseled by 30 percent;
  • Create the nation's largest force of certified homeownership education counselors, educating more than 570,000 homebuyers;
  • Invest in rebuilding efforts in affected communities across the Gulf Coast; and
  • Mobilize hundreds of thousands of volunteers to revitalize neighborhoods.

 

CHRIC is very active in Jamestown, helping many families purchase homes in the city and surrounding area, acquiring several vacant buildings for rehabilitation and re-sale to restore neighborhoods, making hundreds of homes lead-safe, and operating a successful Youthbuild program for at-risk students that helped 18 young people earn their General Equivalency Degrees.  CHRIC’s offices are located in Mayville, NY.


 
 
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