When it comes to new homes, New York is probably the best place to have them constructed. The only problem is it is one of the most expensive places to live in, especially if you want to live in the city. Luckily there are several programs, like the New York State HOME Program (also called HOME), to help people get their dream homes at affordable rates.
What is the New York State HOME Program?
The HOME program funds the development of affordable new homes in New York, sponsors repairs for older homes, and assists homeowners or tenants with low income. The New York State Housing Trust Fund Corporation (HTFC) founded the program, and local program administrators manage it in each county. The program acquires funds through partnerships with towns, counties, cities, private developers, and non-profit housing organizations.
What is the New York State HOME Program?
The HOME program funds the development of affordable new homes in New York, sponsors repairs for older homes, and assists homeowners or tenants with low income. The New York State Housing Trust Fund Corporation (HTFC) founded the program, and local program administrators manage it in each county. The program acquires funds through partnerships with towns, counties, cities, private developers, and non-profit housing organizations.
Who can Apply for Assistance or Partnerships?
The program is open to all areas of New York. Any private entity that can prove their capacity to develop a residential housing project may apply for HOME project funding provided their income is at least below 80% of the area's average income.
Only non-profit corporations that pass certain administrative tests and local government units that are not part of jurisdictions already participating in the program may apply for partnerships with HOME.
What can HOME Program Funds Pay for?
Naturally, your HOME program funds only apply to residential housing fees. You can use funds from the HOME program to pay for the acquisition, reconstruction, or rehabilitation of new homes in New York. If you rent a house or apartment in New York, you can also use HOME program funds for rental assistance, down payments, and relocation costs if you wish to move out.
Each local state program splits the funds between community housing development organizations (CHDO) and projects not located in any participating jurisdiction's communities. Fifteen percent of the funds go to CHDO projects, and 80% goes to non-community projects.
Similar Programs and Organizations
With the current demand for new homes, New York developed many other programs to help hopeful new homeowners. These include the Mortgage Insurance Fund (MIF), which provides insurance and assistance for mortgage lenders and borrowers, and programs to provide homes for the elderly and people with disability.
Applying for Funding
If you meet all the HOME program requirements listed above, look for local program administrators within your state. Almost every county in New York has at least one HOME partner. You may apply for funding at their offices, or fill out and print their online forms.
If you are applying for a different housing program, remember that different programs have different requirements. Make sure to find out what they are before sending in your applications. Do not forget to do your research before signing up for their program. There may be scammers out there who may take advantage of your need for funding assistance.
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