Some Binghamton homeowners may qualify for up to $50,000 in weather-related repairs, as part of a state program.
City of Binghamton Mayor Jared Kraham was joined by members from Home HeadQuarters Monday to announce a second round of funding provided by NYS Homes and Community Renewal Resilient Retrofits program.
The $17 million dollar loan is designed to help residents combat the wear and tear on homes due to climate change and weather conditions. Homeowners who qualify will receive funding split into a low-interest loan and grant.
The interest rates on the loan portion are set at 3% which can be paid off over five to 10 years.
Kraham said this round of funding is a direct response to feedback from residents throughout Broome County who don’t necessarily meet the requirements of already established programs. “What about a little help for ordinary citizens who may not fall into certain income categories?” he said. “This is exactly what this program is.”
Half of the funding provided must be used on flood and rain prevention like flood vents, sump pumps, backflow prevention systems, high performance windows, hot water tank replacements, roofing and other weather repair needs.
“Many homeowners have been hit hard by flash flooding or other disasters that have hit over the last decade,” Kraham said. Improvements made with the grant, he said, will increase property values, add to home energy efficiency and add to resiliency.
More:Outdated flood maps mean many Binghamton-area homeowners aren’t aware of property risks
The program accepts applicants on a first-come, first-serve basis. Each eligible applicant will be walked through an assessment process, including application, income and employment verification.
To qualify, households must make 120% or less than the area’s median income. There is no credit score minimum. Homeowners must be current on mortgage payments.
“Things as simple as a roof are eligible under the program,” Home HeadQuarters CEO Kerry Quaglia said, “so it seems to me a lot of people really could use these types of improvements.”
More:Binghamton residents in these ZIP codes may qualify for home repair help
Here are the income requirements for Resilient Retrofits:
- 1-Person Household: $74,520
- 2-Person Household: $85,200
- 3-Person Household: $95,880
- 4-Person Household: $106,440
- 5-Person Household: $114,960
- 6-Person Household: $123,48
For more information about applying for the home improvement grant visit homehq.org/nys-resilient-retrofits or call Home HeadQuarters at 1-833-DRY-WARM.
Kalyn Grant reports on public service issues for the Press & Sun-Bulletin, focusing on schools and community impact. Have a story to share? Follow her on Instagram @KalynCarmen and on Facebook under Kalyn Kearney. Get in touch at [email protected].