(WBNG) - Governor Andrew Cuomo announced that $26 million in grant funding is now available to promote affordable homeownership across the state.
Local governments and nonprofit organizations can apply for grants through the Affordable Home Ownership Development Program.
"Affordable homeownership is essential to the economic health of our communities," said Cuomo "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.
Its mission is to promote homeownership by low- and moderate-income individuals and families. The state said this then, in turn, fosters the development, stabilization, and preservation of neighborhoods and communities throughout the 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.
Learn more about the program and how to apply on HCR's website.