The 2008-2009 State Budget included increases in funding for New York's housing and community development programs. $6.4 million is now available under the New York Main Street 2008 Fall Funding Round to help build and preserve affordable housing and revitalize communities across the state.
The awards will assist every region of the State.
Governor Paterson said, "These grants bring us closer to our goal of making New York the best possible place to live, work and raise a family."
Grants will help fund:
Community Revitalization - Awards will be used to revitalize the State's traditional downtown business districts and help communities make critical infrastructure improvements, directly benefiting more than 85,000 low and moderate income New Yorkers.
Affordable Housing - 963 units will be rehabilitated and funds will be provided for five homeownership programs, helping 164 working families purchase their own homes.
Business Growth and Job Creation - Grants will help businesses create or retain 431 jobs and will provide funds to support 24 small businesses, helping them to grow and prosper.
Ulster County is requesting $750,000 of funding to provide direct homeownership assistance in the form of down payment, closing cost assistance and housing rehabilitation for 33 first time homebuyers in Ulster County. The assistance will be made in the form of a zero percent deferred interest loan secured by a note and mortgage. The term of the mortgage will be 15 years. Assistance will range from $5,000 to a maximum of $30,000 per unit.
To learn more about these and other grants in the program go to: http://www.dhcr.state.ny.us
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