To help home buyers purchase and renovate abandoned homes, New York state will make $100 million available to low-and middle-income communities. As part of revitalization efforts, the state will grant funds to help with so-called “zombie” properties, or abandoned houses. The program is part of a larger effort to help assist existing low-and middle-income homeowners with major repairs or renovations.
The Homes and Community Renewal’s Neighborhood Revitalization Program will help finance and subsidize the purchase and renovation of up to 500 foreclosed and abandoned properties for low-and middle-income families in New York state. Families will be granted funding based on data and working with local nonprofits and municipalities to determine who will get the funding. The data has targeted six communities with a high concentration of abandoned properties.
Addressing the program, New York Governor Andrew Cuomo said in a statement:
"Abandoned and foreclosed ‘zombie properties’ drag down surrounding home values and can impact the economic health and public safety of entire communities. With these new programs, we are taking action to crack down on these neighborhood blights, and help more New Yorkers achieve and maintain the American Dream of home ownership.”