By Minister Charles Butler

The sub-prime mortgage crisis aside, for those who are now just coming to the realization that owning a home makes good sense, congratulations for reaching that conclusion. If you were set on purchasing a home in Harlem and have been reading about the high prices, don’t despair. There are still some affordable properties in Harlem.

The great rush to buy a home in Harlem below market prices is over but if you could be one of the fortunate ones who is selected from a NYC Department of Housing, Preservation and Development (HPD) lottery to win a subsidized unit (usually coop’s or condos) at an affordable price.

The irony is that when Harlem was affordable, some of people who could afford to buy a home in the community wanted nothing to do with Harlem and moved out. They thought moving farther out of the inner city would create a better home and raise the standard of living for their family.

Now that Harlem has become a very attractive community, buyers abound. The parks are clean, crime has decreased, trendy shops are springing up on the major thoroughfares and banks are now exceedingly interested in partnering businesses with the community. However, Harlem’s attractiveness has been a source of frustration for many people who were born in Harlem, have lived in Harlem all of their lives and suffered through the blight, poverty, and unpleasantness of the late 60’s 70s and 80s, but now find themselves unable to purchase a home in Harlem.

The most affordable units are co-op’s that are now being sold by the Housing Development Fund Corporation (HDFC). Reasonably priced, they provide an excellent opportunity to create some equity that may help to make a larger future purchase.

Preparation for ownership is the key to successful in purchasing a home. Harlem Congregations for Community Improvement, Inc. (HCCI) offers a monthly homebuyer education workshop for prospective first time homeowners.

HCCI Housing Counseling Education Program is an authorized HUD counseling agency and offers a Home Buyers Education Workshop. The workshop provides information and tools that help prepare potential buyers for purchasing a home and that home doesn’t have to be in Harlem . And in actuality, the unfortunate circumstances of the sub-prime mortgage crisis for some may create opportunities for others. The basic steps in the process are as followed:

• Attend the workshop
• Prepare a monthly budget and create a spending /saving plan
• Pay off/reduce credit debt
• Shop for a lender and get pre-approved
• Determine how much you want to spend and the type of home you want to buy
• Shop for a home and get inspections
• Make an offer
• Sign purchase contract after it’s reviewed by your lawyer
• Apply for mortgage and grants if eligible
• Prepare for closing
• Get keys

If you want to buy a home, understand that wishing will not make it happen. You must set a realistic goal and stick to it

Stay focused on your goal until you succeed in making your dream a reality.

If you are interested in attending the workshop or would like information on the available grants, please contact Minister Charles Butler at (212)281-4887 ext 131 or email at cbutler@hcci.org.