ALBANY, New York (WWNY) -On Friday, Governor Kathy Hochul announced $51 million in grants to support affordable homeownership.
According to Hochul, the funds will benefit more than 1,000 households.
Through multiple grants, low and moderate-income families can make repairs, accessibility modifications, or safety upgrades to their homes or replace a manufactured home. These grants can also provide down payment assistance for first-time homebuyers.
“This investment will make the dream of homeownership attainable and manageable for more than 1,000 households, allowing families and individuals across New York to live safely and affordably in homes of their own,” Governor Hochul said.
The grants were awarded to nonprofit organizations and localities throughout the state. The North Country will receive $6.34 million, which is expected to assist 86 households.
So how will the money be distributed?
The awards are made through state and federally funded programs. Each program accepts applications in an annual competitive funding round.
- NYS HOME Program funds can be used to acquire and/or rehabilitate single-family housing, provide down payment assistance, replace dilapidated mobile and manufactured homes as well as provide tenant based rental assistance to households with incomes at or below 80 percent of Area Median Income.
- NYS Community Development Block Grant Program provides federal funds to help localities with projects that improve communities and benefit their residents. Housing grants can be used to rehabilitate owner-occupied or renter-occupied homes, down payment assistance for low- and moderate-income first-time homebuyers, and private water/wastewater system assistance for low- and moderate-income homeowners.
- Access to Home program provides financial assistance to make homes accessible for low- and moderate-income persons with disabilities so that they can continue living safely and comfortably in their residences or return to live in their residences instead of in an institutional setting.
- Access to Home for Heroes provides financial assistance to make homes accessible for low- and moderate-income veterans with disabilities.
- Access to Home for Medicaid provides financial assistance to make residential units accessible for Medicaid-eligible persons with disabilities.
- Mobile and Manufactured Home Replacement program assists low- and moderate-income homeowners to replace dilapidated mobile or manufactured homes that are sited on land owned by the homeowner with a new manufactured, modular, or site-built home.
- RESTORE provides financial resources to assist senior citizens with the cost of making emergency repairs and addressing code violations that pose a threat to their health and safety or affect the livability of the home. Assistance for the cost of these critical repairs enables seniors to continue to live independently in their homes.