Mayor Kraham Joins Home HeadQuarters to Announce Round II of NYS Climate Resiliency Program for Homeowners

Low-Interest Loans with Matching Deferred Loan (No Payback) Available for Home Flood Proofing and Climate Resiliency & Energy Upgrades in the NYS Resilient Retrofits Program

Homeowners meeting income eligibility requirements can receive up to $50,000 for flood mitigation, energy efficiency upgrades and other critical home improvements

(BROOME COUNTY, N.Y.)—Nonprofit housing and community development organization Home HeadQuarters is providing income-eligible homeowners in Broome County loans of up to $50,000 in a 50/50 low interest loan (3% simple interest rate) with a matching deferred loan (forgiven at the term of the loan) to address flood risks, improve energy efficiency and climate readiness and other critical repairs in the home. At least 50% of the funds must be used to make the home more resilient to future flood/rain damage, such as moving mechanicals above the flood line or installing flood vents as part of their overall home project. Funding can also cover improvements such as installing a new hot water tank, new energy-efficient appliances, high performance windows and other non-luxury improvements to bring a home code-compliant.

The $17 million loan fund through New York State Homes and Community Renewal helps New York homeowners protect their homes in response to climate change and increased flooding events.

Binghamton Mayor Jared M. Kraham said: "This program is providing funding to help Binghamton residents protect their homes against flooding and make energy-efficient improvements. I'm encouraging homeowners to learn more about the resources available to help them prepare for the extreme weather events that are increasingly common. Thanks to New York State Homes and Community Renewal for making more funding available to local homeowners and to Home HeadQuarters for their help connecting residents with these vital resources."

Resilient Retrofits Loan Fund Program Details:

• Loans of up to $50,000 to make flood mitigation and energy efficient upgrades;
• Loans have a simple 3% fixed interest rate and are payable over five or ten years;
• Household must meet income eligibility requirements (120% or less than the area median income);
• Home improvements must be made on a primary residence;
• Applications and more information can be found at https://www.homehq.org/nys-resilient-retrofits or by calling Home HeadQuarters at 1-833-DRY-WARM.

Resilient Retrofits Loan Fund Program Details:

• 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: $123,480

There is no minimum credit score required to participate in the New York State Resilient Retrofits Loan Program, but homeowners must be current on their mortgage.