(The following is a press release from Opportunities for Otsego)

In partnership with the City of Oneonta, Opportunities for Otsego is offering financial assistance to low-income families to purchase and make repairs to their first home.

Eligible households may receive up to $40,000 to assist with closing costs, acquisition fees, and home rehabilitation.  Funds are administered through a deferred loan program; which only require repayment if the homeowner moves or transfers the property within 10 years.

To qualify, homeowners must meet income-eligibility guidelines, qualify for a first mortgage through a local lending institution, participate in a homebuyer education course, and contribute at least $1,000 towards the down payment.  Homes must be single-family and located within the City of Oneonta.

For more information, visit www.ofoinc.org/fthb or call (607) 433-8000.