Parents Eligible for OMRDD “Home of Your Own" Mortgages

SONYMA Mortgages Offered at Very Favorable Rates

ALBANY, NY (10/19/2007)(readMedia)-- FOR IMMEDIATE RELEASE October 19, 2007

Office of Mental Retardation and Developmental Disabilities http://www.omr.state.ny.us

Office of Mental Health http://www.omh.state.ny.us

State of New York Mortgage Agency www.nyhomes.org

OMRDD Contact: Kara Smith (518) 474-6601 Kara.Smith@omr.state.ny.us

OMH Contact: Jill Daniels (518) 474-6540 Copajdd@omh.state.ny.us

SONYMA Contact: Philip Lentz (212) 688-4000 ext. 679 plentz@nyhomes.org

NEW YORK, New York (October 19, 2007)—Parents of individuals with developmental disabilities, mental retardation or mental illness can now apply for mortgages under the Home of Your Own (HOYO) Program, which is financed by the State of New York Mortgage Agency (SONYMA).

The Home of Your Own Program—run jointly by SONYMA, the NYS Office of Mental Retardation and Development Disabilities (OMRDD) and the NYS Office of Mental Health (OMH)—helps people with developmental disabilities or mental illness purchase homes with SONYMA mortgages issued at very favorable terms.

Enabling parents to apply for SONYMA mortgages will ease the financial burdens on families and improve their ability to provide for the needs of their children.

“We are delighted to be able to extend our SONYMA mortgages to parents coping with serving the needs of their children with developmental disabilities or mental illness,” said Priscilla Almodovar, President and Chief Executive Officer of SONYMA. “The Home of Your Own Program is very important for our special needs population and we’re glad to be able to make it more widely available.”

“I am pleased to offer this pioneering opportunity to parents of people with developmental disabilities who want to achieve the American dream—home ownership,” said Diana Jones Ritter, OMRDD Commissioner. “This is wonderful opportunity to advance the Governor’s housing agenda and work cooperatively with the State of New York Mortgage Agency and the Office of Mental Health. Expanding the Home of Your Own program will help us put people with developmental disabilities on the path to greater independence.”

“Recovery from mental illness without stable, decent and affordable housing is almost impossible," said Mike Hogan, Ph.D., Commissioner of OMH. "The Home of Your Own program has already been a great housing and recovery resource for people with a mental illness. We know that many individuals with mental illness live with family, and this expansion of the Home of Your Own program will assist even more New Yorkers when it comes to financing a home.”

The Home of Your Own Program offers very favorable mortgage terms for eligible applicants. Under the program, OMRDD and OMH refer applicants—and now their parents—to SONYMA after they complete a homebuyer counseling program. To be eligible, applicants must be first-time homebuyers and have incomes of no more than 80 percent of the area median income in the region where they live. There is also a limit on the purchase price, which varies by location.

The program offers a very low 4 percent fixed interest rate on mortgages of 30 or 40 years, 100 percent financing and reduced closing costs. Closing cost assistance is also available from SONYMA. The program is offered exclusively through M&T Bank, which has agreed to forgo or reduce some of its normal closing costs.

The program is available for homes, condos, co-ops and double-wide mobile homes permanently affixed to real property. Accessibility improvements are funded by OMRDD or OMH as needed.

Since the program was introduced in 1996, 189 households have used $13.2 million to finance their homes.

For more information on how to apply for the Home of Your Own Program, contact Lucinda Grant-Griffin, director of the HOYO program at OMRDD, at (518) 473-1973 or contact OMH at (518) 474-5191.

---- OMRDD provides high-quality, people-centered services, supports and advocacy to individuals with developmental disabilities and their families. Our goal is to help those with developmental disabilities enjoy meaningful relationships with friends and family; experience personal growth; and participate fully in their communities. OMRDD also provides leadership and excellence in developing public policy and in the field of research.

OMH promotes the mental health of all New Yorkers with a particular focus on providing hope and recovery for adults with serious mental illness and children with serious emotional disturbances. OMH works closely with local governments, community providers, and recipients of mental health services and others to plan and deliver effective services that provide hope for the future and promote recovery, and are designed to be consumer and family focused, responsive to individual needs, and respectful of culture and language. OMH also promotes overall public mental health through education and advocacy.

SONYMA was created in 1970 with the mission of helping low- and moderate- income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.

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