Financing

HOME Rochester is financed through a unique consortium of for-profit and non-profit lenders. Under the leadership of JP Morgan Chase, a total of $72,000,000 has been made available to the RHDFC for purchasing and renovating single-family homes.

The current $15,000,000 participation loan consists of lenders with investments ranging from $500,000 to $3,000,000. The lenders are: JP Morgan Chase, Bank of Castile, First Niagara, M&T Bank, City of Rochester, Partners for the Common Good, Low Income Investment Fund, Enterprise Community Partners and Greater Rochester Housing Partnership. The City portion of the current participation loan is funded by a federal Neighborhood Stabilization Program 1 award.

The loan is collateralized by a loss reserve (funded by Rochester) and an interest reserve (funded by the GRHP). There is a working capital fund of $750,000 that allows for day to day transactions and acquisitions. The working capital is provided by the GRHP and is replenished on a monthly basis by draws from the participation loan. City funds are structured as first-in and last-out. This unique structure allows financing to take place without mortgages on the HOME Rochester inventory.

Mortgage financing must be secured by each eligible homebuyer. House prices are established based on local property values and affordability to low and moderate income buyers. Eligible buyers are first time buyers with incomes at or below 115% of area median income adjusted for family size. Click here for a HOME Rochester application and eligibility requirements. Buyers may be eligible for closing costs and down-payment assistance through the City of Rochester or the Federal Home Loan Bank of New York. For information about closing costs assistance, contact City Home Buyer Services at 585-428-6888.