KINGSTON – The Rural Ulster Preservation Company (RUPCO) has been awarded a more than $77,000 federal grant to provide housing counseling services to area residents.

The funds come from the U.S. Department of Housing and Urban Development and will be used to help residents become homeowners and ensure they keep the homes they already own. The grant will also enable RUPCO to offer financial literacy training to renters and homeless individuals and families.

"These federal funds are critical to our ongoing efforts to ensure that residents have the information needed to make educated housing decisions for themselves and in order to strengthen the Ulster County housing market," said Congressman Maurice Hinchey.

RUPCO will use the funds to help homebuyers and homeowners realistically evaluate their readiness for a home purchase, understand their financing and down payment options, and navigate what can be an extremely confusing and difficult process. RUPCO will also combat predatory lending by helping unwary borrowers avoid unreasonably high interest rates, inflated appraisals, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and even foreclosure. Likewise, foreclosure prevention counseling helps homeowners facing delinquency or default employ strategies, including expense reduction, negotiation with lenders and loan servicers, and loss mitigation, to avoid foreclosure. With foreclosures on the rise nationwide, these services are more important than ever.

"The need for housing counseling is greater than ever. Certainly the foreclosure crisis has leapt to the forefront but day to day housing needs still run the gamut from emergency assistance to rental assistance to reverse equity mortgages for seniors and everything in between. This funding is vital to our ability to provide counseling and we truly appreciate Congressman Hinchey's leadership and support for this funding," said RUPCO Executive Director Kevin O'Connor.