Mon Valley Initiative Expands Homeownership Opportunities in Monessen

As the recipient of a $233,386 grant from Westmoreland County, the Mon Valley Initiative (MVI) will provide Down Payment and Closing Cost Assistance to low to moderate income individuals and families in an effort to stabilize the housing stock and to provide affordable homeownership opportunities in the City of Monessen. Each eligible household may receive up to $10,000 in assistance to be applied toward down payment, housing inspection and counseling costs, as well as recording and settlement fees. This opportunity will be available until May 2016 or until all funds are committed.

“Buying a home in Monessen is already a bargain,” said Christa Ross, RE/MAX Select Realty Realtor. “With additional down payment assistance made available through this grant to MVI, it creates a great opportunity for buyers to own their own home with very little cash out of pocket, rather than continuing to rent.”

Qualified applicants for MVI Down Payment and Closing Cost Assistance must have an income between 60% and 80% of the area median income for Westmoreland County and must complete Pre-Purchase Homebuyer Education offered through MVI.  Homes purchased with this assistance must be located in the City of Monessen, pass an independent code inspection and applicants must intend to make the home their primary residence. The family or individual must also have or be willing to purchase mine-subsidence insurance.

“Applicants must be mortgage-ready to take advantage of this opportunity,” said Jonathan Weaver, MVI Housing Counselor. “This program is for you if you already have an income and good credit, but may need some financial assistance when it comes to purchasing a home.”

A maximum of $10,000 in Down Payment and Closing Cost Assistance will be available per household, based on actual need. No funds are available for repairs to the home. All applicants will be evaluated for eligibility and awarded funds based on qualification and on a first-come, first-served basis.

To inquire about this opportunity, please contact Jonathan Weaver at 412-464-4000 x.4008 or email jweaver@monvalleyinitiative.com.

About the Mon Valley Initiative:

The Mon Valley Initiative is a 501(c)(3) grass-roots coalition comprised of 10 Community Development Corporations (CDCs), representing 12 municipalities in the Monongahela Valley. MVI was formed to provide staff to be shared by its member CDCs that would assist the all-volunteer boards of those organizations in identifying and implementing development strategies, to raise funds to support development projects, and to join together for regional action and advocacy.

Media Contact:

Patrick Shattuck

Director of Housing & Real Estate Development

Mon Valley Initiative

412-464-4000 x.4013

pshattuck@monvalleyinitiative.com