FHLB Home Repair Program

We have finished up intake on our minor home repair program offered through the Federal Home Loan Bank of America and HSBC Bank.  Currently we are working on completing construction and closing out the program.  We anticipate being able to provide around 55 households with this grant to help improve their homes, with a combined grant payout of $275,000.

In addition, we recently submitted a grant application to FHLB in order to continue our minor home repairs program.  If funded, the new program would take effect in early February 2009.  Grant funds will be used to correct housing code violations and health and safety hazards such as new windows, roof repairs, siding, updated heating systems, and repair of electric hazards.  Weatherization and energy efficiency will also be addressed, with a priority placed on repair projects focusing on safety improvements and environmental upgrades.

The minor home repairs program would offer a conditional grant of up to $5,000 to qualified homeowners.  In order to qualify for assistance, the home must be owner-occupied.  Homeowners must continue to use the property as their primary residence for at least 5 years from the date of approval.  Household income must be at or below 80% of New York Mortgage Revenue Bond Median Income Guidelines for Erie County.  Homeowners receiving assistance will be required to attend one course, consisting of either an energy conservation course or a financial literacy class.  Budgeting classes and credit counseling may be required for homeowners experiencing financial difficulties.