Community Development

Multi-Family Home Ownership Program - Updated 08-01-2014

Multi-Family Home Ownership Program Funds Still Available

The City of Cortland has a limited amount of Community Development Block Grant funds remaining in its Multi-Family Home Ownership Program. The Program provides assistance for down payment and closing costs for those wishing to purchase a two or three unit home in the City of Cortland that is in need of repairs. The City can provide up to $16,000 to assist in the purchase.

Upon purchase, funds are also available to rehabilitate the home. The City can provide up to $20,000 per unit, or $40,000 for a two unit and $60,000 for a three unit home. Successful applicants must agree to rental unit requirements for a specified time period.

The funds are provided as a deferred loan, which is similar to a grant in that there is no monthly payment required. Repayment is triggered only if you move or sell the home and then repayment is pro-rated based on the amount of tome you lived in the home. If you live in the home for ten years it is completely forgiven. There is no income requirement for the new buyers and you do NOT have to be a first-time buyer.

An application and program guidelines are available below. Please contact Linda Armstrong at Thoma Development Consultants at (607) 753-1433 if you need assistance with the application or you have additional questions.

Program Guidelines and Application (pdf)