Home ownership help

At a press conference for the launch of a new program designed to help public housing residents purchase their own homes, Ravenswood resident Rosemary Allette smiled broadly. She announced at the podium that with the help of the East River Development Alliance (ERDA), she helped clear her credit history of $4,000 in undue debt and is working to buy her own home.
As a young, single mother living in public housing, she never dreamed of owning a house, but she now envisions herself seated in a new home, surrounded by children and possibly grandchildren. “I’m not going to rush it because I want to be well-grounded when I make my purchase,” said Allette, who has saved about $10,000 since November. “It’s an investment that you can’t go wrong with, and I can always pass it onto my kids.”
Allette, 47, is one of about 100 public housing residents in Western Queens to participate in the ERDA Homes Homeownership Initiative, launched in conjunction with Freddie Mac, Chase Home Finance, and Neighborhood Housing Services (NHS) of Northern Queens. The program, championed by Councilman Eric Gioia, has already garnered the support of several other politicians, including Borough President Helen Marshall, Congresswoman Carolyn Maloney, and Assemblywoman Cathy Nolan.
Over 60 residents in the program have developed personal financial plans, 20 have opened bank accounts, and about 50 attend monthly financial literacy meetings. Residents of the Queensbridge Houses, Ravens-wood, Woodside, and Astoria public housing in Western Queens are all eligible for the program.
NHS of Northern Queens will provide homebuyer education and counseling, Chase Home Finance will offer mortgages, and Freddie Mac will purchase loans for participants.
Organizers believe that since public housing eligibility does not change once residents being to live in public housing, many residents will save money and then be able to move into their own home.
With two small children - now 27 and 21 - Allette started out making about $12,000 in 1987 with the New York State Education Department. She took the department’s promotional tests, tried out various jobs, and now works as a rehab counselor assistant, earning in the $40,000 bracket. With her part-time job with United Cerebral Palsy, she brought home almost $60,000 last year.
“For me owning my own home would be reaping the benefits of my hard work,” she said.