NYS Resilient Retrofits 50/50 Loan/Grant Program

New York State homeowners may be eligible for up to $50,000 in a 50/50 loan/grant program to fortify the home to protect against future flood and rain damage.

PROGRAM DETAILS AND ELIGIBILITY

• Up to $50,000 in a combination low-interest loan with matching grant for resiliency measures that will fortify the home to protect against future flood and rain damage

• Loans are at a 3% simple interest rate and are payable over 5 or 10 years

• Grant portion, of up to $25,000, is considered a deferred loan through the term of the loan and forgiven once the terms of the loan are satisfied

• Homes located in Extreme Risk Areas, Floodways and Coastal Erosion Zones may not be eligible to participate and/or may require additional review

• Homeowners choose their own properly insured and certified contractor(s)

• Household income must be at or below 120% of HUD median income [examples of income levels: Onondaga County, Broome County, Erie County, Chemung County, Tompkins County, Rochester MSA (Livingston, Monroe, Ontario, Orleans, Wayne), Jefferson County]

• No minimum credit score required, but homeowner must be current on mortgage and taxes and have no bankruptcy within last two years

• Primary residences only

• Owner-occupied, 1-4 unit buildings allowed

• 50% of the loan/grant proceeds must be used for resiliency measures that will fortify the home to protect against future flood and rain damage. See examples of eligible flood mitigation repairs here. 

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