Mon Valley Initiative to Expand Homeownership Opportunities in Charleroi

FOR IMMEDIATE RELEASE

Mon Valley Initiative to Expand Homeownership Opportunities in Charleroi

Homestead, Pa., October 29, 2015 – As the recipient of $110,000 in Pennsylvania Housing Affordability Rehabilitation Enhancement (PHARE) funding, 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 Charleroi Borough. 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.

Qualified applicants for MVI Down Payment and Closing Cost Assistance must have an income between 60% and 80% of the area median income for Washington County and must complete Pre-Purchase Homebuyer Education offered through MVI. Homes purchased with this assistance must be located in Charleroi Borough, pass an independent code inspection and applicants must intend to make the home their primary residence.

“MVI is so excited to have access to this assistance and is grateful for our strong partnership with the Greater Charleroi Community Development Corporation (GCCDC), Charleroi Borough, Pennsylvania Housing Finance Agency (PHFA) and the Redevelopment Authority of the County of Washington.  Our program, combining Pre-purchase Counseling and down payment and closing cost assistance, will provide an excellent incentive to homebuyers to choose among the affordable, quality housing stock available and make historic Charleroi their home,” said MVI Real Estate Director Patrick Shattuck.

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. Further program details will be available late 2015.

In addition to Charleroi, MVI also received PHARE funding this year to support a homeownership program in Westmoreland County, along with another affordable rental unit to the Cornerstone Apartments in West Newton, and for a modest rehab for resale program in Allegheny County. MVI was previously awarded PHARE funding for a down payment and closing cost assistance program in Monessen.

 

About the Mon Valley Initiative

The Mon Valley Initiative (MVI) is a 501(c)(3) grass-roots coalition comprised of 10 Community Development Corporations (CDCs) and representing twelve municipalities in the Monongahela Valley, all working together to revitalize the economy and to restore the economic vitality of the Mon Valley. MVI’s four program areas are: Housing & Real Estate Development, Business & Workforce Development, Housing Counseling, and Community Outreach.

Media Contact:
Patrick Shattuck, Real Estate Director
pshattuck@monvalleyinitiative.com | 412-464-4000 x.4013

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