Skip to content
Home » News » New York State » New York allocates over $46M for homeownership aid, benefiting over 1,400 households

New York allocates over $46M for homeownership aid, benefiting over 1,400 households

  • / Updated:
  • Staff Report 

Governor Kathy Hochul of New York announced a substantial $46 million grant initiative aimed at supporting more than 1,400 households in achieving affordable homeownership. This financial aid will primarily assist low- and moderate-income families, facilitating essential home repairs, safety modifications, and replacing older manufactured homes.

Additionally, the program includes providing down payment assistance for first-time homebuyers. Governor Hochul emphasized the importance of this investment in the face of rising housing costs, positioning it as a crucial step in New York’s battle against the housing crisis.

Finger Lakes Partners (Billboard)

This move aligns with the Governor’s ambitious $25 billion Housing Plan, which intends to create or preserve 100,000 affordable homes, including facilities for vulnerable groups and the electrification of 50,000 homes.

The funds are managed by the New York State Homes and Community Renewal’s Office of Community Renewal and will be distributed to various nonprofit organizations and localities. The grants are designed to preserve affordable housing, assist veterans and seniors, promote homeownership, and bolster local economies.

HCR Commissioner RuthAnne Visnauskas highlighted the significance of accessible, secure, and affordable housing, especially for seniors, veterans, and individuals with disabilities. The programs encompass a range of initiatives like NYS HOME, Community Development Block Grant, and several Access to Home programs, each targeting specific needs such as accessibility modifications and emergency repairs for senior citizens. This comprehensive funding approach underscores New York’s commitment to enhancing the living standards of its residents across various regions.

Categories: NewsNew York State