News in Cortland NY

Funds for Rehabilitation of Owner-Occupied 2-Unit Homes Awarded to City of Cortland

The City of Cortland was recently awarded funding under the Community Development Block Grant (CDBG) Program  by New York State.  These funds will be used for the rehabilitation of substandard 2-unit residential properties owned and occupied by households low-to-moderate in income in the City of Cortland.  If you own and occupy a 2-unit home within the City boundaries and your household income does not exceed the incomes noted below based on size, financial assistance may be available for the rehabilitation of your property. Applicants for the Program are currently being accepted.  You can request a Program brochure and application package, and find out more about the Program by contacting Thoma Development Consultants at 607-753-1433. Please reference the City of Cortland’s “2-Unit Owner-Occupied Housing Rehabilitation Program”.

Financial assistance for homeowners will be provided in the form of a deferred payment loan (dpl) for the total amount of assistance provided by the City. Deferred payment loans are similar to grants. There are no monthly payments.  However, the DPL must be repaid to the City if the assisted property is sold, transferred, or is no longer used as the original participant's principal residence prior to the expiration of the Program’s five year regulatory period.  If the property is held by the original participant and used as the participant’s principal residence for a period of five years following completion of the rehabilitation project, the loan will be completely forgiven.

            The income limits and related household size qualifications are listed below:

 

 

Housing Rehabilitation Income Limits (4/14)

 

Household Size

 

Gross Income Limit

1

$33,700

2

$38,500

3

$43,300

4

$48,100

5

$51,950

6

$55,800

7

$59,650

8

$63,500