WHAM: Rochester launches major initiatives to boost home ownership rates

Rochester, N.Y. — The City of Rochester is making significant strides in improving home ownership rates through new initiatives and investments.

Since 2022, the city has supported the development of more than 3,000 affordable housing units and an additional 850 market-rate units.

These projects are part of a nearly $1.5 billion investment into affordable housing in the area.

In a bid to further increase home ownership, the city has launched the "Rehabilitate the Dream" pilot program.

This initiative aims to help residents become homeowners by turning vacant properties into fully renovated homes.

The program offers favorable mortgages and other financial support to participants who agree to live in the renovated homes for at least 15 years.

"How this is different is that it's saying, hey, Mrs. Smith might see a home that might be in her neighborhood that she may rent in and she might want to take that property," said Mayor Evans. "She now has the ability to take that property by working with the land bank, working with the city and take that property and then put it back to its useful life by working to rehab that home."

Additionally, the city's Office of Financial Empowerment is providing future homeowners with financial counseling and educational resources to support their journey toward home ownership.

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