NYC Seeks Partnership to Help Homeowners Pay for Flood Prevention Improvements

By A Correspondent
The expansion of HomeFix 2.0 is a vital part of the City’s strategy to help existing homeowners. (PakistanWeek photo)

The New York City Department of Housing Preservation and Development (HPD) is searching for a partner organization to launch the expansion of a program that helps low- and moderate-income homeowners pay for repairs and upgrades to their properties, including improvements to protect their homes from extreme weather and flooding events. The move comes following weeks of major rains and floods.

The program, called HomeFix 2.0, will provide access to low- or no-interest loans up to $60,000 per unit to owners of one-to four-family homes in New York City. The loans can be used to pay for repairs that address building systems, housing deficiencies, and other conditions that may be hazardous to residents’ health and safety. Eligible renovations may include window replacement and heating, hot water, roofing repairs, and accessibility improvements to help seniors age in place.

The program will also cover sustainability and resiliency upgrades to reduce energy costs, advance emissions reduction goals, and help protect homeowners from extreme weather and flooding events.

The expansion of HomeFix 2.0 is a vital part of the City’s strategy to help existing homeowners address physical and financial conditions in small buildings, prevent foreclosure and displacement, and ensure the long-term stability of one- to four-family homes.

The program is particularly important in light of the fact that low- and moderate-income homeowners are particularly vulnerable to flood damage. Seventy-five percent of buildings in the city’s coastal floodplain are one- to four-family homes.

The expansion of HomeFix 2.0 comes at a critical time as the city is still recovering from heavy rain and flooding just weeks ago, and as this program aims to serve a population that is particularly vulnerable to flood damage. This Sunday, October 29, marks the 11th anniversary of Hurricane Sandy, underscoring the dire need for supporting homeowners in protecting their homes.

The City is committed to maintaining safe and resilient homes, with a focus on supporting lower income homeowners. Equipping homeowners with critical funding to prevent the worst impacts of flooding provides New Yorkers with the peace of mind through future weather events, and builds on this administration’s work on sustainability, reducing emissions and decreasing energy costs.

The expansion of HomeFix 2.0 is a vital step towards helping low- and moderate-income homeowners build and maintain intergenerational wealth through homeownership.

 

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