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$59 million for owner-occupied homes throughout New York

Staff writer ▼ | May 19, 2016
Governor Andrew M. Cuomo announced $59 million in available funds to construct, rehabilitate, and improve the homes of income-eligible families across New York State.
New York homes
Empire State   "Every New Yorker deserves a safe place"
Eligible projects must benefit low and moderate-income families.
“Every New Yorker deserves a safe, affordable and decent place to call home and with this funding we are taking one more step toward that goal,” Governor Cuomo said.

“This program will help build safer, healthier communities throughout this state and I encourage any eligible organization to apply.”

Funding is available through New York State Homes and Community Renewal’s Affordable Home Ownership Development Program, administered by the Affordable Housing Corporation, which provides up to $40,000 per dwelling to eligible municipalities, municipal housing authorities, and other not-for-profit and charitable organizations that develop affordable housing or assist homeowners in funding necessary repairs.

AHODP funds announced today will promote homeownership and revitalize communities by:

- Constructing new owner-occupied homes for sale, including single and multi-family homes, condominiums, or cooperatives, and the replacement of dilapidated mobile and manufactured homes.

AHC funds may be used for construction financing, permanent financing, infrastructure improvements, site acquisition, down payment and closing cost assistance, and the replacement of dilapidated mobile homes with manufactured or stick-built homes on homeowner-owned land.

- Acquiring and rehabilitating owner-occupied homes for sale, including single and multi-family homes, condominiums, or cooperatives. AHC funds may be used for construction financing, permanent financing, infrastructure improvements, site acquisition, down payment and closing cost assistance.

- Improving existing owner-occupied single and multi-family homes, condominiums, or cooperatives. AHC funds may be used to correct basic structural defects that threaten the health and safety of the residents, and to prolong the useful life of the home.

Eligible projects must benefit low and moderate-income families. Priority is given to projects serving people who earn no more than 90-percent of Area Median Income, adjusted for family size.

Except for owner-occupied rehabilitation projects, grants must be leveraged with other funds. A minimum of 40-percent of the projects total development cost must be provided by other public and/or private sources.


 

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