Operated through the New York State Homes and Community Renewal’s (HCR) Affordable Home Ownership Development Program, the initiative provides up to $40,000 per dwelling to eligible municipalities or other non-profit and charitable organizations that develop or rehab affordable housing. The program is administered by the Affordable Housing Corporation (AHC) which provides funding.
Homes and Community Renewal Commissioner James S. Rubin, noting the Gov.’s role in the nearly 300 AHC housing awards totaling $141 million, said, “These funds have created or improved more than 7,500 safe affordable homes across the state. We encourage eligible applicants to apply today.”
While the funds may be used for home financing, building, rehabbing, replacing, infrastructure improvements, site acquisition as well as down payment and closing cost assistance, pre-HUD Code or manufactured homes can only be included if the homeowner owns the land.
People who earn less than 90 percent of the area median income will have priority; and a minimum of 40 percent of the project must be outside funds.
From the $20 billion in the 2016-2017 state budget for addressing homelessness and overall statewide housing plans, Gov. Cuomo’s commitment to affordable housing includes $10 billion over the next five years to create and preserve 100,000 affordable housing units across the state. ##
(Photo credit:McClellandLLC)
