BROOKLYN, NY – June 11, 2010 – (RealEstateRama) — Today, Congressman Edolphus “Ed” Towns will be joined by more than 45 grateful low to moderate income families outside of the MeadowWood at Gateway complex who were in danger of losing Federal Housing Administration (FHA) loans to purchase their dream homes –but the much-need mortgage option was saved, thanks to the intervention of Rep. Towns, interested partners and concerned lawmakers.
“This is a huge victory for these families”, said Rep. Towns. “Now these low to moderate income families can have the opportunity to afford their dream homes which should be the right of all hard working Americans.”
Along with representatives from Taconic Investment Partners and Fillmore Real Estate, Towns and the families will be joined by Brooklyn Borough President Marty Markowitz and State Senator John Sampson who were instrumental in bringing about this reversal by the FHA.
Earlier this year, MeadowWood at Gateway was approved to offer FHA-insured loans to buyers at the condominium community. More than 45 families jumped at the chance to purchase homes with the low-money down and low-interest rate mortgages, but a discrepancy between FHA guidelines and those of the New York City Housing Authority and New York State’s Division of Housing and Community Renewal guidelines put the loans in jeopardy. However after lengthy negotiations, the loans were re-instated.
“This is a perfect example of a public-private partnership working together to help buyers own a dream home, and we must thank Congressman Towns, Senator Sampson, Brooklyn Borough President Markowitz, and the FHA for making this happen”, said Peter Febo, senior vice president of Taconic Investment Partners.
DATE: Friday, June 11, 2010
TIME: 1:00 p.m.
LOCATION: Great Lawn behind the sales center at MeadowWood at Gateway
12205 Flatlands Ave. East New York
WHO: The Families, Congressman Edolphus “Ed” Towns, Taconic Investment Partners, Fillmore Real Estate, N.Y. State Senator John Sampson, and Brooklyn Borough President Marty Markowitz
