New Homes, No Homebuyer Financing

Rural Ulster Preservation Corporation for Buttermilk Falls Townhomes

Location: Ellenville, NY

Loan Amount: $1,443,000

Loan Type: Interim Development

Project Description: RUPCO used an NC Interim Development loan to refinance a construction loan that had matured to give RUPCO time to sell 15 newly constructed townhomes that came on line precisely when home mortgage credit and housing markets collapsed. These homes are ENERGY STAR® homes, built for superior energy performance, health and safety and are being sold to income qualified individuals at 80% to 100% of AMI.

Case Study:

RUPCO used an Interim Acquisition loan to refinance a construction loan that had matured. NC saw that RUPCO's newly developed lease/purchase program combined with their counseling programs were the right solution for these 15 beautiful newly-constructed townhomes that came on line precisely when the first-time homebuyer mortgage programs were eliminated.  These homes are ENERGY STAR® homes, built for superior energy performance, health and safety and are being sold to income qualified individuals at 80% and 100% of AMI.