GCCAC believes that one of the best ways to become financially self-sufficient is to build assets. Assets are things you own that can increase in value over time. One type of asset is a house. Homeownership is a goal that many clients work towards, and, so far, over 300 low-income families have achieved in the last 15 years in Garrett County through the First Time Home Buyers Program, administered by GCCAC.
Once a home is purchased, it is important to maintain it and make the necessary repairs to keep it a safe and healthy place to live. GCCAC offers Home Repair and Rehabilitation grants and loans to assist homeowners in making repairs to their homes. The agency also runs a Weatherization program so that weatherization measures can be installed in eligible low-income homes. Weatherizing homes can increase their value, and can also lower energy bills, thereby increasing assets (cash) for homeowners. Income-eligible homeowners who have difficulty paying their energy bills can apply for Energy Assistance. GCCAC also employs a full-time Energy Specialist who can counsel homeowners who have questions about energy conservation and alternative and renewable energy systems.
From time to time, homeowners may find themselves in the difficult position of impending foreclosure of their homes. A Foreclosure Prevention counselor is ready to assist homeowners who are facing foreclosure. Preventing foreclosure is a way of preserving homeownership which is another way of assisting clients in maintaining the equity (wealth) they have in their homes.
Home Repair and Rehab Program
This program assists homeowners in preserving equity in their homes (which are assets) by making repairs to them which will eliminate health and safety hazards. For the elderly, these repairs can mean the difference between aging in place or moving to a nursing home. Many times, homes that are repaired under this program can then be eligible for Weatherization Assistance
mpowering families with limited resources to obtain their home by offering counseling, training, and down payment assistance through partnerships with local banks, USDA Rural Development, and DHCD through the Maryland Mortgage Program. Up to 65 participants assisted each year.
Home 1.5This program assists clients in the development of assets by assisting them in purchasing a home. The asset in this case is a home, which, with proper maintenance and care, should increase in value over time. The first step in the program is to attend a workshop (presented on two consecutive Monday evenings at the Mary Browning Senior Center). For dates of the First Time Home Owner Workshop see “News and Events” under Announcements menu. See “Homebuyer Workshop” under the Education/Life Long Learning menu for details.
For more information, contact Asset Development at ext. 6150.
Homebuyer Program Brochure
Maximum Income Requirements
for USDA Mortgages
2016
FAMILY SIZE MAXIMUM INCOME
1 $40,400
2 $46,200
3 $51,950
4 $57,700
5 $62,350
6 $66,950
7 $71,550
8 $76,200
Pathways to Homeownership Program
Maximum Income Requirements:
Household Size of 1-2 $108,600
Household Size 3 or more $126,700
$7,500.00 Grant from Garrett County to assist with closing costs and down payment.
This is available through loans with local lenders or with the Maryland Mortgage Program.
Financing through the Maryland
Mortgage Program also offers a $7,500.00
Deferred Loan to assist with closing costs and down payment.
Assistance for furnace repair/replacement is subject to the availability of funding.
For more information, please contact:
Foreclosure Counseling
