Syracuse Awarded $875,000 to Help Acquire and Repair 30 Homes; Town of Corinth Receives $330,000 to Renovate and Upgrade 12 Homes
Governor Andrew M. Cuomo today announced more than $1.2 million in state grants to promote home ownership and improvement programs for low- and middle-income New Yorkers. Syracuse will receive $875,000 to expand the Affordable Home Ownership Development Program, and the Town of Corinth will receive $330,000 in state funds to significantly improve a dozen homes for income-eligible households in Saratoga County.
“By expanding homeownership opportunities across the state, we are building stronger, more vibrant communities from the ground up,” Governor Cuomo said. “This is one more step toward ensuring that all New Yorkers have a safe, affordable and decent place to call home.”
Homeownership, improvement and preservation programs are among the many initiatives that form the foundation of Governor Andrew M. Cuomo’s new, $10 billion House New York 2020 program to create or preserve 100,000 affordable units over the next five years. Since 2011, HCR community renewal programs have awarded more than $440 million in grants for various projects ranging from public facilities improvements to homeownership.
New York State Homes and Community Renewal Commissioner James S. Rubin said, “In awarding these funds, we are giving eligible Syracuse residents a pathway to sustainable homeownership and the power to improve and stabilize their city’s neighborhoods. This is how Governor Cuomo’s affordable housing efforts are working—home by home, block by block—to give people the ability and opportunity to create a better future for themselves and their families.”
In Syracuse, the grants are expected to assist in the renovation of 30 homes—both single and two-family. Through the AHODP, also called the Purchase-Rehab Program, the average cost of purchasing and rehabilitating a home can be reduced from $104,550 to $79,550 for a single family home. A qualified buyer whose income is at or below 90 percent of the Area Median Income (AMI) selects a home from the open market, identified from the Multiple Listing Service (MLS) provided by the Greater Syracuse Board of Realtors.
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. For more information on SONYMA, click here.
The Corinth Home Improvement Program will use the $330,000 in funds to improve 12 single family homes located on scattered sites in the Town of Corinth, Saratoga County, placing the highest priority on ensuring that their 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.
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.
Eligible homeowners will be selected from a wait list and contractor will be selected through a competitive bidding process. For information, visit http://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.
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