Expo focuses on affordable housing and education

Several hundred visitors participated in the April 26 Fair & Affordable Housing Expo presented by Westchester Residential Opportunities in White Plains. The public was able to speak to vendors, including many lending institutions, and listen to seminars on affordable rental units and affordable home buying. MARTIN WILBUR PHOTOS

By MARTIN WILBUR

Hundreds of people in search of an affordable place to live sought assistance at an April 26 forum designed to offer some hope for those nearly priced out of the local housing market.

Prospective renters and homebuyers attended the Westchester Residential Opportunities 2025 Fair & Affordable Housing Expo at the County Center in White Plains. It has been held for more than 20 years and has become solely a Westchester Residential Opportunities event over the past four years.

The need for affordable units has only grown since Rutgers University released its Affordable Housing Needs Assessment for Westchester County in March 2004, said Martha Zarfes, executive director of WRO, a nonprofit organization established in 1968 to promote equal, affordable and accessible housing. The study concluded that in the 15-year period ending in 2015, the county would need more than 11,000 additional affordable units.

Today, Zarfes believes that figure is far greater than what the study first revealed two decades ago.

“The level of inventory is one (challenge),” Zarfes said. “There are so many people looking, and for some people what’s called affordable housing is not affordable. It’s probably those two things — inventory and the cost.”

The free four-hour expo provided two seminars, one geared toward renters, the other for potential homebuyers, that helped provide the public with tips on how to pursue affordable housing and the extensive documentation required.

Vendors, from mortgage lenders to representatives of county agencies, were on hand to educate the public on many other housing issues as well, including affordable senior housing and how to address discriminatory practices.

Affordable housing guidelines

Prices for affordable housing units to rent or buy have income limits ranging anywhere from 30 to 80 percent of area median income, and the size of the household and the size of the residence also plays a factor, said Cindy Gago, one of the homebuying coordinators for WRO who spoke during the homebuying seminar. 

She said the organization helps guide people who reach out to them through a step-by-step process to review all the paperwork needed. Each household’s income, assets and credit history is reviewed.

“So that’s part of the process when you have a housing counselor,” Gago said. “We will sit down with you and analyze your financial situation to see where you are and what you need to do and what goals you need to meet in order to be ready for home ownership.”

Dana Kibler-Harris, a WRO affordable housing marketing coordinator, said each person pursuing an affordable unit for purchase, which can also include a co-op or condominium, must provide their last three years of W-2 or 1099 forms and full tax returns. If someone is self-employed, they must provide the two most recent years of profit and loss statements.

Then an applicant is required to show their six most recent pay stubs, documentation of all other income, show a transcript for any child in the family to prove they are a full-time student, six months’ worth of statements from banks and investment accounts, any life insurance policies and other assets such as jewelry that may have been sold or money gifts from family.

An application for an affordable unit costs $50.

Kibler-Harris said if a counselor finds anything missing, they will follow up with an applicant, but since openings are at a premium, missing information can lead to delays and a lost chance at moving into an available unit.

“Yes, it’s a lot of paperwork, but you want to become a homeowner, right?” Kibler-Harris said. “So we need all that information.”

For affordable homes for purchase, a minimum down payment of 5 percent is required.

The expo also provided information from Gago regarding the 10 steps that prospective homebuyers should follow in preparation for buying a house. That includes self-education, then determining how much each family can afford to spend. After receiving a pre-approval, a family needs to decide what kind of house is wanted and needed, hire a real estate agent, and once a place is found, to make an offer. If that offer is accepted, a real estate attorney needs to be hired followed by a home inspection, application for a mortgage loan and obtaining homeowner’s insurance before closing.

Marc Seligman, a community lending officer at Bank of America for nearly 30 years, also gave guidance on how to show someone is a good candidate for a mortgage. Seligman said the two predominant factors lending institutions consider are income and credit worthiness.

To help boost one’s credit score, demonstrating a responsible on-time payment history of car loans, credit cards and previous housing is essential. A minimum credit score of at least 620 is generally needed for lending institutions to consider someone for a mortgage, Seligman said.

“Credit score is important,” he said. “I say to people, you want to buy a house, pay your debts on time, save your money, you’re going to buy a house.”

Visitors to the expo each had their own reason for attending. Chanel Foriselli, a homeowner for about 30 years in Mahopac, Putnam County, who is planning to downsize in the near future, said she wanted to familiarize herself with the latest guidelines and grant opportunities. A financial services professional, she also wanted to get herself into the mindset as she approaches the next stage of her life.

“I wanted to see what’s going on now, especially now that we have a new year, new guidelines, and so when I saw this, I did everything I can to make sure that I make it to this event today,” she said. “I found it to be very, very helpful and beneficial.”

To learn more about the services that Westchester Residential Opportunities provides, including current affordable housing rental and purchasing availability and income guidelines, visit wroinc.org.