Marc and Kristen Lupino, their twins, and Hinchey, discuss homeownership assistance

Port Ewen – Marc and Kristen Lupino have created a household for themselves and their 15-month-old twins Rocco and Stella. And they did with the help of the Rural Ulster Preservation Company, federal tax credits and low interest rates as first-time home buyers.

Rupco matched every dollar the Lupinos saved with $4, and the family was able to put down $7,500 and then received additional funding for rehabbing the house. It helped the family’s finances, and Marc Lupino said it would have been difficult otherwise.

‘‘There was a lot of doubt. Because when you get into a home, there are closing costs and lawyers’ fees, and you have down payment. You get into a house, and you’re strapped,” said Marc Lupino. “With Rupco, the tax credit, the low interest rate, we were able to get into a house in a situation where we had savings and if something did happen, we could afford it.”

Yet the Lupinos may be the lucky ones. For all the trillions President Barack Obama plans to spend next year, the $8,500 tax credit for first-time home buyers, the $6,500 tax credit available to those wanting to upgrade to a bigger home, could expire at the end of April.

“One the things we need to deal with is to make it easier for people to buy a home. That’s major contribution to these economic circumstances and our quality of life,” said Congressman Maurice Hinchey, who met with the Lupinos at their Port Ewen home Tuesday to make a point. “If we let (the tax credits expire) expire, we will see another downslide in housing.”

Hinchey is well versed with the history of economics, and he can tell right away what happened in the mid-1930s when the Roosevelt administration backed away from government spending after taking office following the early ravages the of the Great Depression.

The economy started sinking again, and Hinchey doesn’t want that to happen again as the Obama administration contemplates these moves.

“I think the president is still getting bad advice about the economy, and circumstances were dealing with,” said Hinchey.

Hinchey said the government’s internal investments must continue and the tax credits for home buying must stay in place to help the economy recover.

“That makes perfect sense, and it makes a big contribution to the economy here,” he said.

Hinchey said he’ll go back to Washington and urge Congress and the Obama administration to take firm stance with strengthening the economy.

Kevin O’Connor, executive director of Rupco, said those tax credits have greatly benefited the Lupinos and other first-time home buyers.

“Home ownership has always been a good idea in this country. It still is the American dream,” said O’Connor. “In the past year with the tax credit, people really have been able to take advantage of it.”