YOUR CULTURE HUB!

“The visible effect made on a surface by pressure”

GOVERNOR CUOMO ANNOUNCES $26 MILLION AVAILABLE TO EXPAND AFFORDABLE HOMEOWNERSHIP

Funding Applications Now Available for Local Governments and Nonprofit Organizations    

IMPRINTent, IMPRINT Entertainment, YOUR CULTURE HUB, Politics, Governor Cuomo, Nonprofit Organization, New York, NYC, New Yorkers, New York City

Governor Andrew M. Cuomo today announced that $26 million in grant funding is now available to promote affordable homeownership across the state. Local governments and nonprofit organizations may apply for grants through the Affordable Home Ownership Development Program to help low- and moderate-income homeowners make repairs, to acquire and rehabilitate existing owner-occupied homes, and to construct new owner-occupied homes.   

“Affordable homeownership is essential to the economic health of our communities,” Governor Cuomo said. “With this $26 million in funding, we are helping new homebuyers achieve the American dream and help ensure that existing homeowners can remain living safely and securely in their own homes.”   

The Affordable Home Ownership Development Program is a state-funded program administered by New York State Homes and Community Renewal’s Affordable Housing Corporation. AHC’s mission is to promote homeownership by low- and moderate-income individuals and families, which, in turn, fosters the development, stabilization and preservation of neighborhoods and communities throughout New York State.   

Eligible applicants include counties, cities, towns, and villages, housing authorities, housing development fund companies, and not-for-profit corporations or charitable organizations which have as one of their primary purposes the development and improvement of housing.   

   

The program will provide funding for three project types:   

  • New construction of owner-occupied homes for sale, including one- to four- family homes, condominiums, cooperatives and the replacement of dilapidated mobile and manufactured homes with new Energy-Star manufactured homes or stick-built homes on homeowner-owned land.   
  • Acquisition/rehabilitation of owner-occupied homes for sale, including one- to four-family homes, condominiums, and cooperatives.   
  • Home improvements to existing, owner-occupied one- to four-family homes, condominiums, or cooperatives.   

The maximum AHODP award is $35,000 per unit except for high-cost areas where the maximum award is $40,000 per unit. High-cost areas are determined based on a county’s median household income and the median sales price for a single-family home. Additional information regarding high-cost areas can be found on HCR’s website. Applications will be accepted on a rolling basis and awards will made until all funds have been fully appropriated.     

HCR requires contractors and awardees to make affirmative efforts to ensure that New York State certified Minority and Women Owned Business Enterprises and Service-Disabled Veteran-Owned Businesses have opportunities for meaningful participation on projects awarded funding.   

Learn more about the program and how to apply on HCR’s website. 

HCR Commissioner RuthAnne Visnauskas said, “By expanding affordable homeownership opportunities and upgrading our existing stock of owner-occupied homes, we are restoring neighborhoods across the state. Since 2011, the Affordable Home Ownership Development Program has helped over 14,000 low- and moderate-income households access good-quality homes, build equity, and put down roots in their communities. We encourage eligible entities to apply for this funding to invest in the future of the families they serve.”