Mon Valley Initiative opens Charleroi home-buying plan
The Mon Valley Initiative has announced that qualified homebuyers can apply for down payment and closing cost assistance if they are interested in buying a home in Charleroi.
The agency is seeking low- to moderate-income individuals and families in an effort to stabilize the housing stock and to help provide affordable homeownership.
As the recipient of $110,000 in Pennsylvania Housing Affordability Rehabilitation Enhancement funding, the Mon Valley Initiative notes that each eligible household may receive up to $10,000 in assistance to be applied toward down payment, housing inspection and counseling costs, as well as recording and settlement fees.
Qualified applicants for down payment and closing cost assistance must have an income between 60 percent and 80 percent of the area median income for Washington County and must complete pre-purchase homebuyer education offered through the Mon Valley Initiative.
Homes purchased with this assistance must be located in Charleroi Borough, pass an independent code inspection and applicants must intend to make the home their primary residence.
The program and the accompanying grant was announced a few weeks ago at a Washington County commissioners’ meeting.
The Washington County Redevelopment Authority, which is administering the program on behalf of Washington County, is partnering with Mon Valley Initiative and the Greater Charleroi Community Development Corporation, Charleroi Borough, and Pennsylvania Housing Finance Agency.
A maximum of $10,000 in Down Payment and Closing Cost Assistance will be available per household, based on actual need. No funds are available for repairs to the home. All applicants will be evaluated for eligibility and awarded funds based on qualification and on a first-come, first-served basis. More details will be available later this year, but those interested may call 412-464-4000 to get on a waiting list.
Mon Valley Initiative’s Real Estate Director Patrick Shattuck said in a news release that the agency has previously handled a similar program in Monessen, Westmoreland County, and a modest rehab-for-resale program in Allegheny County. Mon Valley Initiative, a nonprofit organization, includes 12 municipalities and, along with housing and real estate development, it aids with business and workforce development, housing counseling and community outreach.