New York state has more than $1.2 million in state grants to promote home ownership and improvement programs for low- and middle-income New Yorkers, including $330,000 for Corinth to significantly improve a dozen homes for income-eligible households.
“By expanding home ownership opportunities across the state, we are building stronger, more vibrant communities from the ground up,” Gov. Mario Cuomo said. “This is one more step toward ensuring that all New Yorkers have a safe, affordable and decent place to call home.”
Home ownership, improvement and preservation programs are among the many initiatives that form the foundation of Cuomo’s new, $10 billion House New York 2020 program to create or preserve 100,000 affordable units over the next five years.
According to the governor, since 2011, HCR community renewal programs have awarded more than $440 million in grants for various projects ranging from public facilities improvements to home ownership.
The Corinth Home Improvement Program will use the $330,000 in funds to improve 12 single-family homes located on scattered sites in Corinth, placing the highest priority on ensuring that residents are living in safe homes. Most of the homes in the town were built over 70 years ago, and grant funds are needed to address typical repairs that may be too costly for many homeowners to afford, according to the governor.
Repairs include upgrading heating systems, and repairing or replacing roofs, electrical, plumbing, water supply, and septic systems. The program is designed to meet the critical needs of low- and middle-income homeowners, provide an opportunity to prolong the useful life of their homes, and bring them into compliance with local and state building codes. In addition to these code compliant standards, HCR emphasizes energy conservation and green rehabilitation features that will save money on energy costs and future maintenance.
Applicants to the program will be selected from Empire’s wait-list of eligible buyers and will purchase the home prior to any rehabilitation work being done. Empire identifies the scope of rehab and provides homebuyer counseling along with grants that will average $25,000 per unit. Rehabilitation can include roof replacement, furnace replacement, repair of structural defects, and electrical and plumbing upgrades.
Homebuyers are required to provide an average down payment of $500 and seek a conventional mortgage for the remaining balance. First-time homebuyers may be eligible for a low-cost mortgage from SONYMA.
Eligible homeowners will be selected from a wait list and contractor will be selected through a competitive bidding process. For information, visit townofcorinthny.org.
Since 2011, the town has been awarded three other HCR grants–two for town sewer improvements and another for neighborhood revitalization.
For more information on HCR’s programs, visit www.nyshcr.org.