New York State homeowners may be eligible for up to $50,000 in a 50/50 loan/grant program to undertake flood mitigation measures and other climate-ready improvements to their homes, including energy upgrades.

PROGRAM DETAILS AND ELIGIBILITY

• Up to $50,000 in a combination low-interest loan with matching grant for flood mitigation and energy efficiency and electrification improvements (main structure of the home only)

• Loans are at a 3% simple interest rate and are payable over 5-10 years

• Grant portion, of up to $25,000, is considered a deferred loan through the term of the loan and forgiven once the terms of the loan are satisfied

• Homes located in Extreme Risk Areas, Floodways and Coastal Erosion Zones may not be eligible to participate and/or may require additional review

• Homeowners choose their own properly insured and certified contractor(s)

• Household income must be at or below 120% of HUD median income

• No minimum credit score required

• Primary residences only

• Owner-occupied, 1-4 unit buildings allowed

• Homeowner must undertake a flood mitigation measure as part of the overall home improvement.