Governor Announces $59 Million Available to Build, Rehabilitate and Repair Owner-Occupied Homes Throughout New York
Governor Andrew M. Cuomo today announced $59 million in available funds to construct, rehabilitate, and improve the homes of income-eligible families across New York State.
“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.
James S. Rubin, Commissioner of New York State Homes and Community Renewal, said,“Under Governor Cuomo’s leadership, HCR has made nearly 300 Affordable Housing Corporation awards totaling approximately $141 million. These funds have created or improved more than 7,500 safe affordable homes across the state. We encourage eligible applicants to apply today.”
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.
Grant awards per unit are available as follows:
- Grants of up to $35,000 per unit; up to $40,000 for units in high-cost areas or areas receiving United States Department of Agriculture Rural Development Service loans.
- $35,000 (or $40,000 for high-cost areas) per unit awards will be limited to those households at or below 90% of Area Median Income, adjusted for family size.
- $27,500 (or $32,500 for high-cost areas) per unit awards will be limited to those households at or below 110% of Area Median Income, adjusted for family size.
- Awards of up to $20,000 (or $25,000 for high-cost areas) per unit may be made available to households with incomes greater than 110% of Area Median Income, adjusted for family size.
The awards are part of Governor Cuomo’s unprecedented commitment to affordable housing and community renewal, which includes $20 billion in the 2016-17 state budget for comprehensive statewide housing and homelessness action plans. Over the next five years, the $10 billion housing initiative will create and preserve 100,000 affordable housing units across the State, and the $10 billion homelessness action plan will create 6,000 new supportive housing beds, 1,000 emergency beds, and a variety of expanded homelessness services.
Applications are due July 8th.For more information and to apply, please visit:http://www.nyshcr.org/Topics/Municipalities/AHCGrants/