When it comes to new houses, New York is probably the best place to build them. The only problem is that it is one of the most expensive places to live, especially if you want to live in the city. Fortunately, there are several programs, like the New York State HOME Program (also called HOME), to help people get the home of their dreams at affordable prices.
What is the New York State HOME Program?
The HOME program funds the development of new affordable housing in New York, sponsors repairs to older homes, and assists low-income homeowners or renters. The program is funded by the New York State Housing Trust Fund Corporation (HTFC) and administered by local program administrators in each county. The program acquires funds through partnerships with towns, counties, cities, private developers, and nonprofit housing organizations.
Who can apply for assistance or partnerships?
The program is open to all areas of New York. Any private entity that proves its capacity to develop a residential housing project may apply for HOME project financing as long as its income is at least less than 80% of the average income in the area.
Only non-profit corporations that pass certain administrative tests and local government units that are not part of jurisdictions already participating in the program can apply for partnerships with HOME.
What can HOME funds pay for?
Naturally, your HOME program funds are only applied to residential housing rates. You can use HOME funds 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 funds for assistance with rent, down payments and relocation costs if you want to move.
Each local state program divides the funds between community housing development organizations (CHDOs) and projects that are not located in the communities of any participating jurisdiction. Fifteen percent of the funds go to CHDO projects and 80% go to non-community projects.
Similar programs and organizations
With the current demand for new homes, New York has developed many other programs to help hopeful new homeowners. These include the Mortgage Insurance Fund (FOMIN), which provides insurance and assistance for mortgage lenders and borrowers, and programs to provide homes for the elderly and people with disabilities.
funding request
If you meet all of the HOME program requirements listed above, find local program administrators within your state. Almost every county in New York has at least one HOME partner. You can apply for funds at their offices or complete and print your forms online.
If you are applying for a different housing program, remember that different programs have different requirements. Be sure to find out what they are before submitting your requests. Don’t forget to do your research before signing up for your program. Scammers may be taking advantage of your need for financial assistance.
