Schumer Announces Nearly $30,000 Dollars For The Belmont Shelter Corporation
Schumer: This program is a ticket to the American Dream of Homeownership
Federal Funding Will Help Develop A Savings Program For First Time Homeowners
U.S. Senator Charles E. Schumer today announced that the U.S. Department of Health and Human Services (HHS), through the Office of Community Services, has awarded a total of $30,000 to the Belmont Shelter Corporation to create a program that helps individuals set up savings accounts that will be used to purchase homes.
"This grant will help more people in Buffalo to realize the American Dream of homeownership," Schumer said. "This program will help individuals create savings accounts used to purchase homes. By providing support for first time homeowners, initiatives like this stabilize neighborhoods and revitalize communities. Few things can match homeownership for creating stability, security and wealth. That is why I will continue to advocate for groups like Belmont Shelter and the good work they do to promote the vibrancy of Buffalo's communities."
Belmont Shelter Corp., Greater Buffalo Savings Bank, and the Economic Self Sufficiency Coalition of Western New York will be sponsoring an Individual Development Account Program for residents in the 14215 zip code. Through the program participants will save $1,700 to purchase their first home. Their savings will be matched with $3,400 through funding from the John R. Oishei Foundation and the Department of Health and Human Services, Assets for Independence Act, giving the participant a total of $5,100 for down payment/closing costs for their first home.
The mission of the Office of Community Services is to work in partnership with states, communities, and other agencies to provide a range of human and economic development services and activities which ameliorate the causes and characteristics of poverty and otherwise assist persons in need. The aim of these services and activities is to increase the capacity of individuals and families to become selfsufficient, to revitalize communities, and to build the stability and capacity of children, youth, and families so that they become able to create their own opportunities.