Press release:
ESL Federal Credit Union announces the launch of the ESL First-Time Homebuyer Grant, a 10-to-1 dollar-for-dollar match, up to $10,500 toward down payment and closing costs, for eligible Black and Latino residents in Greater Rochester.
According to U.S. Census data in the Hard Facts Update released in 2020 by ACT Rochester, homeownership rates among Black and Latino residents are 32 percent and 35 percent, respectively, in the Greater Rochester nine-county region. This is compared to 73 percent among white residents in the region.
“The creation of the ESL First-Time Homebuyer Grant helps in addressing the inequitable homeownership opportunities that exist in our community,” said Faheem Masood, president and CEO, ESL Federal Credit Union. “These inequitable opportunities experienced by the Black and Latino communities have existed for generations, and have stood in the way of providing these residents with access to and attainability of homeownership, the most common of wealth-building tools. Our community cannot be prosperous so long as these inequitable opportunities exist, and ESL is committed to doing our part to embedding greater equity in our community so all who call Greater Rochester home can thrive.”
The ESL First-Time Homebuyer Grant offers eligible first-time homebuyers the ability to earn $10 in grant dollars for every $1 saved over a minimum six-month savings period. The grant provides home buying educational support, a dedicated ESL Savings Account, and funds towards down payment/closing costs.
“Our goal is to make the home buying process more accessible for Black and Latino residents in our community,” said Caytie Bowser, Vice President/Director, Product Development and Management, ESL Federal Credit Union. “Closing costs and down payments are two of the biggest impediments when it comes to the homebuying process. Through this grant, we are not only able to lessen the upfront cost burden of buying a home, but ultimately set up grant participants for long-term success through first-time homebuyer education sessions and access to post-homeownership guidance.”
Grants are available annually on a first-come, first-served basis to eligible Black and Latino buyers. ESL is committed to providing 300 grants on an annual basis.
The grant funds will be made available to owner-occupied purchased properties that are located within Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Steuben, Wayne, Wyoming, and Yates counties in the State of New York.
For complete details and eligibility requirements about the ESL First-Time Homebuyer Grant, visit the ESL First-Time Homebuyer Grant page on esl.org.
