Mayor Announces new funding for Home OwnershipPosted: Updated:
Looking to buy a fixer-upper in the City of Binghamton? It might be worth looking into thanks a new program announced today.
The new initiative announced by the Mayor on Wednesday expands funding for two programs. $100,000 for the "First Time Home Buyer Program", and $200,000 for the "Home Rehabilitation Program" These funds are designed to help fill and fix up dilapidated housing. Homeowners applying to the First Time Buyer program may qualify for grants of up to $10,000 for a down payment or up to $5,000 for closing costs. The Home Rehabilitation Program provides up to $25,000 in deferred home renovation loans.
"The sense of pride in being able to do that yourself, and knowing that the City of Binghamton is behind you, supporting you with all the right programs and funds to be able to do so. What we ended up with was a house that was the eyesore of the street, and now is one of the focal points, and the neighbors certainly appreciate that." said Tim Parke, a first time Home Owner and recipient of the program.
To qualify, applicants must meet income guidelines based on the size of their household. You can call the City of Binghamton's planning department for more information at (607) 772-7240