OLD FRIENDS NOW NEXT DOOR NEIGHBORS:
Nydia Roman (left) and Linda Corchado stand in
front of the homes they've purchased right next
door to each other in the Home Ownership Zone
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Twenty-eight more low- to moderate-income area families have now become homeowners by purchasing the latest group of affordable new single-family houses developed in the City of Buffalo's Home Ownership Zone (HOZO) by the Buffalo Urban Renewal Agency and New Opportunities Community Housing Development Corp.

According to New Opportunities Real Estate Sales Coordinator Tom Oakley, the construction of 28 new homes for Phase 2 of the HOZO program was funded by the U.S. Department of Housing and Urban Development with subsidies secured through HSBC Bank USA, NA from the Federal Home Loan Bank of New York's Affordable Housing Program.

The properties, which included three four-bedroom/1.5 bath models on Hickory, Myrtle and Swan Streets, were then made available to be purchased by income-qualifying first-time buyers beginning in the Summer of 2008.

Recalling the similar success of Phase 1 of the initiative in 2006, during which 19 HOZO properties were developed and sold, he says that the recently-completed purchase of the last available Phase 2 property "represents both an important step forward in the continuing effort to promote home ownership and improve the quality and availability of housing throughout WNY and an exciting, life-changing experience for that new homeowner."

"The minute her purchase of that house on Myrtle Street became official," Oakley recounts, "Linda Corchado drove directly over to check it out, anxious not only to unlock the door of her new home for the first time but also to both celebrate the occasion with her friend, Nydia Roman, and to thank her."

He explains that Corchado noticed the "For Sale" sign on the HOZO home she ultimately purchased during a visit to see the "great, new house" that Roman, her longtime friend and now next door neighbor, had been so excited about being able to buy through the Home Ownership Zone program.

"The fact that so many of the people who've purchased these properties share that same enthusiasm for their new homes and their new neighborhood," he adds, "clearly demonstrates how expanding the opportunity for homeownership builds and strengthens communities."

Oakley emphasizes that in addition to the quality of the Phase 2 properties, which offered such attractive features as full-size dining rooms and basements, Berber carpeting, high-efficiency appliances and electronic security systems, the homes' affordability was also key to the program's success.

"With the help of resources like New York State's Empire Zone property tax benefits," he notes, "people who might otherwise never have had the means were given the opportunity to fulfill the dream of owning a home and begin building a better future for themselves and their families."