Preston's Success Story
Preston was on the brink of homelessness when he learned about the Property Ownership Readiness Program (PORP), a collaborative effort between the City of Rochester and The Housing Council at PathStone. As a tenant living month to month, Preston faced eviction when his landlord decided to sell the property. The prospect of purchasing it himself interested him, but wasn't financially prepared to do so. Despite limited savings and an average credit score, Preston resolved to wholeheartedly pursue his dream of becoming a homeowner. His commitment extended to becoming a housing provider, offering support to low- to moderate-income families, making him an ideal candidate for the PORP program.
The PORP initiative is designed to shepherd individuals through the intricacies of the homeownership process, while also educating them on effectively managing rental properties as resident landlords. Through intensive counseling, the program empowers aspiring homebuyers to craft a tailored roadmap for success. Participants are also eligible for grants earmarked for property purchase or rehabilitation.
Preston threw himself into the task of shoring up his creditworthiness and building savings. With the unwavering support and guidance of HUD-certified Housing Counselors, coupled with his own relentless efforts, Preston emerged as a proud homeowner, equipped to offer secure and affordable housing to another family. Recalling his journey, Preston reflected on a pivotal phone call from Latrica Gissendanner, Director of Homeownership Programs, who laid out the PORP program's rigorous requirements and stressed the importance of commitment and consistency in realizing the dream of homeownership.
“Latrica called me, explained the process for the PORP program, and advised that this was a partnership and that she expected dedication and consistency to achieve this dream of homeownership. I took this seriously and attended every class, every counseling meeting, followed the steps to restore my credit and took on overtime and side jobs to save money. Eventually, my credit score increased and I saved enough for down payment and closing costs.” Preston stated. In return, the PORP program provided the coaching he needed to understand how to buy a home and be a successful housing provider along with grant funds to assist with the costs of repairs the property needed to be a safe place for Preston and another family.
The partnership with the Housing Council, The City of Rochester and my lender helped me to successfully purchase my owner-occupied investment property. Latrica emphasized that hard work and faith will eventually pay off if you do not lose sight of your goals.