Details:
New York State homeowners may be eligible for up to $50,000 in a
50/50 loan/grant program to undertake flood mitigation measures and other
climate-ready improvements to their homes, including energy upgrades.
PROGRAM DETAILS AND ELIGIBILITY
- Up to $50,000 in a combination low-interest
loan with matching grant for flood mitigation and energy efficiency and
electrification improvements (main structure of the home only)
- Loans are at a 3% simple interest rate and are payable over 5-10 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
- No minimum credit score required
- Primary residences only
- Owner-occupied, 1-4 unit buildings allowed
- Homeowner must undertake a flood mitigation measure as part of the overall home improvement.
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