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“Project Reinvest: Homeownership” will make the American Dream more affordable in WNY

$1.2 million award will fund homebuyer assistance in Monroe and Erie Counties

A few new homebuyers are going to be getting some help in the form of down payment assistance as part of Project Reinvest: Homeownership. The program is allocating $1.2 million to first time homebuyers in Monroe and Erie County. The funds were awarded to NeighborWorks Rochester, a Community Development Financial Institution (CDFI), to be executed in partnership with West Side Neighborhood Housing Services in Buffalo. Eligible homebuyers will be granted sums of $10,500 to put towards their dream homes. The funds are issued as a 0% interest deferred grant. The intention of the program is to help first time homebuyers to come up with downpayments for houses, which is often times a stumbling block for those who have never purchased a home previously. 

Homebuyers may qualify if they make at or below 100% of the Area Median Income for their county and if they are purchasing in a CDFI investment area.

“We are excited to be able to offer this down payment assistance in partnership with West Side Neighborhood Housing Services,” said Joanne Panarisi-Bottone, Executive Director of NeighborWorks Rochester. “The cities of Buffalo and Rochester face challenges of low average incomes and weaker housing markets, and these funds will help homebuyers to achieve more equity in their home purchase.”

“For people whose American dream of owning their own home might have been just out of reach, Project Reinvest Homeownership will give them the opportunity to build wealth and a brighter future,” said Ed Jackson, Executive Director of West Side NHS.

Interested homebuyers should contact the lender of their choice for more information or to start an application. Monroe County partners are Canandaigua National Bank, Five Star Bank, and Northwest Bank. Erie County partners are Evans Bank, Five Star Bank, and Northwest Bank.

For more information, visit their websites at nwrochester.org and wsnhs.org.

Erie County

Evans Bank | Lisa Akers, 716.9262040 ext. 3984 or Lakers@evansbank.com

Five Star National Bank | Jonathan Graves, 7163089817, jgraves@vestarbank.com

Northwest Bank | Trina Burrus, 7167304241, trina.burruss@northwest.com

Monroe County

Northwest Bank | Trina Burrus, 7167304241, trina.burruss@northwest.com

Five Star National Bank | Rosalie RiveraArzuaga, 5854987563, rriveraarzuaga@vestarbank.com

Canandaigua National Bank | Adam Smith, 5853852370 ext. 50964 or asmith@cnbank.com

NeighborWorks® Rochester and West Side Neighborhood Housing Services are each affiliates of NeighborWorks Community Partners, a newly-formed affordable housing group building strong neighborhoods in Western New York by providing education and counseling services to new homeowners. 

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