Community Development

Single Family Acquisition/ Rehab Program - Updated 12-13-2013

The City of Cortland will be submitting an application seeking funds to assist in the purchase and rehabilitation of single-family homes in the City in January 2014.  If funds are awarded, the City will use them to establish a program for income-eligible, first-time homebuyers interested in buying a single-family home in the City.  The City cannot apply for the funds unless they can show adequate interest. Persons who complete a pre-application assist the City in gathering information needed to justify the grant request, and will receive priority in the application process if funds are awarded. If the City receives funds, eligible pre-applicants will be provided detailed program guidelines and undergo a formal intake process.

Homes to be purchased must be single-family homes located in the City of Cortland and be your primary residence. Buyers must be first-time buyers and income-eligible.  The income limits are noted below.  Some buyers who previously owned a home may still be considered a first-time buyer. 

HOUSEHOLD SIZE (NUMBER OF PERSONS)

 

1

2

3

4

5

6

7

8

INCOME

$38,528

44,016

49,504

54,992

59,416

63,840

68,208

72,632

Funds will be available for down payment and closing costs.  Once the applicant purchases the home, additional funds will be available for rehabilitation work. The applicant will be required to contribute a minimum of $1,000 of his/her/their own funds to the project.  The City’s assistance will NOT require repayment under normal circumstance.

           

Contact Thoma Development at 607-753-1433 for a pre-application and additional information.   There is no cost or obligation to submit a pre-application. Since time is of the essence, don't wait! CALL NOW!