$8 Million N.Y. Program Aids Flooded ‘Main Street’ Properties

October 24, 2006

In an initiative targeted to upstate communities hardest hit by this summer’s flooding, The Community Preservation Corp. (CPC) in partnership with the New York State Department of Housing and Community Renewal (DHCR) has launched an $8 million grant program for property owners in downtown “Main Street” areas damaged by the floods.

The New York Main Street Flood Relief Program is part of a state-funded flood relief program announced in July. CPC, a not-for-profit mortgage lender that finances residential multi-family development throughout New York and New Jersey, was selected to administer the program.

The program is targeted to property owners of mixed-use or commercial buildings located in a downtown district or “Main Street” area that has experienced substantial uncompensated flood damage.

The program is being offered to property owners in 13 counties designated by the state. They include: Broome, Chenango, Cortland, Delaware, Herkimer, Montgomery, Oneida, Orange, Otsego, Schoharie, Sullivan, Tioga and Ulster.

Widespread flooding over a period of four days in late June devastated many communities in the Southern Tier and Catskills. The funding program involves three state agencies — DHCR, State of New York Mortgage Agency and Affordable Housing Corp.

The program provides approximately $45 million in funding for capital projects and housing programs in counties hardest hit by the floods.

Under the New York Main Street Flood Relief Program, grants can be used to repair flood damaged property or as reimbursement for completed repairs. Also eligible are improvements to property to prevent future flood damage including the relocation of electrical and heating services or other systems above flood plain areas. Before receiving grant money, applicants must provide proof that monies from flood insurance and any other aid have already been pursued. Items not covered under the program are equipment, inventory and similar non-realty items including loss of personal or business income.

Priority for funding will be made to those properties determined to have the greatest immediate need as well as those that serve an important role in the community. CPC or an agent designated by CPC will provide an initial property assessment. Applications can be obtained by contacting CPC at (212) 869-5300 ext. 636 or by emailing FloodRelief@communityp.com

Source: The Community Preservation Corporation

Topics New York Flood Property

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