The Neighborhood Revitalization Program offers incentives to potential buyers who qualify for the SONYMA Achieving the Dream Program and wish to purchase homes in need of repair in New York State. Subsidy available under the program can only be used for "necessary" renovations as determined by the agency. The program is available statewide. Neighborhoods are at the heart of every vibrant community. Owner occupant buyers will bring economic stability and growth to neighborhoods and improve property values of the surrounding homes. This ultimately restores community pride, and helps drive long-term, sustainable economic growth.
Neighborhood Revitalization Program Benefits
- Up to $20,000 to renovate a home that you purchase
- The ability to seek additional improvement funds through other lenders
- Can be combined with other SONYMA loans and programs
- Applicants must intend to occupy the property as their primary residence
- You must have good credit, stable employment, and be able to make monthly mortgage payments
- Achieving the Dream Income Limits
Download the Neighborhood Revitalization Program Term Sheet to get more details about this program. Or contact one of our regional non-profit partners listed above to learn more.