The home I'm interested in buying needs renovation work. Are there state programs that provide financial assistance to low- and moderate-income persons, like myself?
Yes, the State of New York Mortgage Agency (SONYMA) administers the Remodel New York Program. Remodel New York is a mortgage assistance initiative that provides first-time homebuyers with low rate financing to purchase and renovate their first home. Under this program, most non-luxury renovations are eligible. Homebuyers must meet certain eligibility requirements. For details click on More Info below. Also, the Affordable Home Ownership Development Program, which is administered by New York State Affordable Housing Corporation (AHC), may be able to assist you. The program was designed to make homeownership affordable to low-and moderate-income families and individuals. AHC awards grant funds that help finance the construction, acquisition/rehabilitation and improvement of owner-occupied housing. Although individuals and families can't directly apply for AHC grants, AHC can provide you with a list of its grantees that may be administering grants to individuals and families in your region. Go to: http://www.nyhomes.org/home/index.asp?page=50 or e-mail Carolinet@nyhomes.org.
About Remodel New York
Description of Remodel New York, its benefits and requirements.