Rehab Incentives for Homebuyers and Homeowners

Financial Incentive What it Does Where to Start Additional Information
NYS Dept. of Tax and Finance RP-421f Partially exempts owners of one & two-family residential properties from taxation on the increase in assessed value attributable to reconstruction, alteration or improvements made. City of Schenectady Office of Assessment, Room 8
(518)382-5075
  

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NYS Dept. of Tax and Finance RP-444a Authorizes a partial exemption from real property taxation for the alteration or rehabilitation of historic property. City of Schenectady Office of Assessment, Room 8
(518)382-5075

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NYS Historic Preservation Office - Historic Tax Credits Provides up to a 40% tax credit on eligible historic properties for qualifying rehabilitation work. NYS Historic Preservation Office
(518) 237-8643

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Schenectady Lead Safe Housing Grant Provides grant funding to address lead hazards in eligible residential properties which may include new windows, siding and/or doors. Schenectady Lead Safe Housing Program
(518)386-2824

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NYSERDA – PON 3717 Program  Provides financial incentives for gut rehabilitation projects to increase energy efficiency in residential properties. NYS Energy Research Development Authority
(800) 284-9069

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State of New York Mortgage Agency (SONYMA) - Remodel NY Program Provides financing for eligible homebuyers for the purchase price plus the cost of renovations through a single mortgage product. SONYMA
Bill Teague, AVP Business
(518)573-5936

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HUD 203(k) Rehab Mortgage Insurance Enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. Most area banks offer this type of financing. Contact your preferred lender to see if this program is available. Click here for more info
State of New York Mortgage Agency (SONYMA) - Neighborhood Revitalization Program Provides up to $20,000 in rehab assistance, secured as a "soft" second mortgage forgiven after 10 years of owner occupancy, for the purchase of any vacant home in Schenectady County. SONYMA
Bill Teague, AVP Business
(518)573-5936

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