Fixed-income homeowner saves thousands through housing program
For Dawn Effendi, whose family has lived in the same Bronx home since 1976, the cost of maintaining the property had become overwhelming.
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For many older homeowners living on fixed incomes, keeping up with the cost of homeownership can be a challenge — especially when major repairs are needed.
For Dawn Effendi, whose family has lived in the same Bronx home since 1976, the cost of maintaining the property had become overwhelming.
A year ago, Effendi's bathroom was in such poor condition that she feared it could collapse.
"If I hadn't done it, the bathroom would have fallen in," Effendi said.
The bathroom has since been renovated, but additional repairs are still needed, including work on the roof and mold remediation in the basement.
Living on a fixed income, Effendi said she struggled to find a way to pay for the costly projects.
"I had no one to turn to," she said.
The estimated cost of the repairs reached into the hundreds of thousands of dollars, she said.
Seeking help, Effendi connected with Bronx Neighborhood Housing Services, a nonprofit that provides housing counseling and financial assistance programs for homeowners.
Through the organization, Effendi secured a reverse mortgage that allowed her to access the equity in her home and pay for necessary repairs.
"It allowed her to access the equity in her home to pay for the repairs," said Gladstone Johnson of Bronx Neighborhood Housing Services. "It also guarantees that she will be able to remain in her home for the rest of her life."
Effendi said the assistance has eased a significant financial burden.
"I feel relief," she said. "Everything is fine. I can afford groceries, and I can afford medication."
Bronx Neighborhood Housing Services will host its annual resource fair on July 11, where renters and homeowners can learn about housing programs, services and resources available throughout the year.
