The Federal Department of Housing and Urban Development has released its most recent HOME Program Performance "SNAPSHOT". These performance reports, which are released quarterly, are used by HUD in tracking the HOME program progress of participating jurisdictions and in keeping constituents more fully informed of activities undertaken with HOME funds. The performance SNAPSHOT is an important tool in helping to evaluate the performance of participating jurisdictions by providing a context for accomplishments. The following performance SNAPSHOT, which ranks the City of Utica sixth among New York State participating jurisdictions, measures cumulative program progress through June 30, 2004.

Rebuild Mohawk Valley, Inc. in conjunction with the Utica Municipal Housing Authority will undertake the construction of eleven (11) single-family homes in the Cornhill area.  The Affordable Housing Corporation will provide funding for the construction of those homes, and HSBC will provide the first position mortgages.  In order to ensure the affordability of these units, and cover the difference between the first mortgage and the total development cost of the unit, HOME Program funding (in the form of a subsidy) is needed to underwrite the sale of these homes.

The City of Utica is providing HOME funding from their 27^th, 28^th, and 29^th year HOME Program budget for the development of each unit, as well as the closing costs associated with the sale of each home in the amount of $480, 000.  Of this amount, $441,500 will be used to reduce the mortgage principal amount, and $38,500 will be provided to help pay for homeowner closing costs.

HOME funding will be provided to Rebuild Mohawk Valley, Inc., a 501(c)(3) corporation that has as its primary goal the increase in safe, decent, and affordable housing for low-to-moderate income individuals.  Rebuild Mohawk Valley, Inc. has recently been approved by HUD as a community housing development organization (CHDO) and is therefore eligible for HOME Program funding.

In addition to its HOME Program funding, the City of Utica will be contributing CDBG and capital works funding to cover the cost of public improvements necessary to complete the project.  Other contributions to the project include a zero interest loan from the New York State DHCR to cover predevelopment costs, and an interest rate subsidy grant from the Federal Home Loan Bank, which will enable the project to reach lower income groups.

The homes will be offered to first-time, low or very low-income homebuyers.  Rebuild Mohawk Valley will conform to the HOME federal low-income guidelines for the Utica-Rome Area as they have been determined by HUD for the purposes of purchase eligibility.  The buyer must be at 80% of the median area income, or less, and must be a first-time homeowner at the time of the sale.  A first-time homeowner shall be defined as an individual who has not owned a home for three years prior to receiving assistance under HOME, except any individual who is a displaced homemaker or a single parent.