Your home might qualify for state-funded flood prevention upgrades: How to find out

Broome County residents looking to protect their homes from flooding may be eligible for financing through a $9 million state-funded program.

Those living in the 500-year floodplain could receive loans of up to $50,000 through the New York State Resilient Retrofits 1% Loan Program to address flood risks and improve energy efficiency in their homes, Syracuse-based non-profit neighborhood and housing development organization. HeadQuarters announced with public officials Wednesday.

“Any of us who own a home have a number of projects we’d love to do,” Broome County Executive Jason Garnar said Wednesday. “But often our household budgets prevent us from doing them. But protecting your home from flooding shouldn’t be one of those things that you have to put off because you just don’t have the money to do that.”

Leonard Skrill, assistant commissioner of New York State Homes and Community Renewal, helped announce the Resilient Retrofits 1% Loan Fund Program heading to Broome County Wednesday, April 12, 2023.

Leonard Skrill, assistant commissioner of New York State Homes and Community Renewal, helped announce the Resilient Retrofits 1% Loan Fund Program heading to Broome County Wednesday, April 12, 2023.

The New York State Homes and Community Renewal-funded loans have a simple 1% fixed interest rate and are payable over five to 10 years.

Here’s how to find out who is eligible for the program and what projects qualify.

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Who is eligible for the funding

The program is open to homeowners in Broome County who also fit into these guidelines:

No minimum credit score is required but homeowners must be current on their mortgage.

To find out if your residence is in the 500-year floodplain or to apply for the program, visit homehq.org/broomeretrofits or call Home HeadQuarters at 1-833-DRY-WARM

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What projects are eligible

Residents who qualify need to take on one flood mitigation improvement, which includes:

  • Elevating electrical equipment

  • Using flood resistant materials

  • Floodproofing interior systems

Other qualifying projects include installing flood vents, a sump pump, a backwater valve, backflow preventers or flood damage resistant materials.

Certain energy or electrification improvements also qualify, including the purchase and installation of energy-efficient appliances, all-electric HVAC or the replacement of existing systems with an all-electric heat pump.

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This article originally appeared on Binghamton Press & Sun-Bulletin: Broome County flood loan program: Find out if your home qualifies

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