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Governor Cuomo Announces $26 Million Available for Affordable Homeownership Statewide

Applications Due February 16

Governor Andrew M. Cuomo recently announced the availability of $26 million of for the Affordable Home Ownership Development Program. Grants can be used to make improvements to existing owner-occupied single or multi-family homes, condominiums, or cooperatives; acquire and rehabilitate owner-occupied homes for sale, including single and multi-family homes, condominiums, or cooperatives; and construct new owner-occupied homes for sale, including single and multi-family homes, condominiums, or cooperatives including dilapidated and manufactured homes.

"This administration is committed to helping more New Yorkers realize the American Dream of homeownership," Governor Cuomo said. "With this program, we are investing in the future of New York's communities, helping to secure a safer, fairer Empire State for all."

The Affordable Home Ownership Development Program provides up to $40,000 per home to eligible municipalities, municipal housing authorities, and other not-for-profit and charitable organizations that develop affordable housing or assist income-eligible homeowners in funding necessary repairs. Funds are administered by New York State Homes and Community Renewal's Affordable Housing Corporation, which since 2011 has awarded nearly $198 million to create or improve more than 10,400 homes.

Homes and Community Renewal Commissioner RuthAnne Visnauskas said, "Governor Cuomo understands that affordable homeownership lays a foundation for stronger, more viable communities. These funds will make the dream of homeownership a reality for hardworking New Yorkers. We encourage organizations and municipalities throughout New York State to apply for these funds."

Senator Betty Little, Chair of the Senate Committee on Housing, Construction, and Community Development, said, "Homeownership is key to economically empowering New Yorkers, while also stimulating the development, preservation and stabilization of our communities. I was pleased to work with my colleagues in the Senate to appropriate these important resources to help promote homeownership for low- and moderate-income individuals and families."

Assemblymember Steven Cymbrowitz, Chair of the Assembly Committee on Housing, said, "At a time when looming federal tax changes threaten to cripple the creation and preservation of affordable housing, it is especially important that New York State Homes and Community Renewal is making these grants available so that hardworking families can continue to fulfill the American dream of homeownership."

Applications are due February 16, 2018. More information and the Notice of Funding Availability can be found here.