New Program Will Benefit Low & Moderate Income Homeowners

Many homeowners of low to moderate income, particularly seniors, find it difficult to maintain their properties. As a result, some New Rochelle residents live in substandard conditions, and the overall quality of our housing stock is gradually diminished. In an effort to address these challenges, the City is considering the creation of a Residential Rehab program to provide no-interest loans, payable at the time of sale or transfer of property, to qualified homeowners who meet income eligibility standards. Loans of between $15,000 and $75,000 would be available. The program would be funded entirely by federal grants, with no local tax dollars employed. We expect this new program to be up and running, with applications available either late this year or early next year. You can read a more detailed memo on this subject HERE.