County Housing Loan Fund Now Accepting Applications
Rockland County’s Housing Loan Fund is live and accepting applications.
The fund was one of the recommendations made to the County of Rockland in the first-ever comprehensive community and housing needs assessment. This program, approved unanimously by the Legislature on Tuesday, April 16, will provide direct loans to borrowers in support of the creation or preservation of housing that is attainable to the average Rockland resident. Proceeds from loan repayments will flow back into the fund for future housing opportunities.
The County designated $13.5 million in American Rescue Plan Act funds for the initiative, which the County intends to commit by the end of this year. Eligible applicants include not-for-profit and private housing developers who must be current on all municipal taxes and fees and have a record of timely payment. Additionally, any new buildings must be constructed to the green building standard outlined in Columbia Law School’s Center for Climate Change Law’s Model Municipal Green Building Ordinance.
The County’s Housing Needs Assessment (HNA) findings included:
- Nearly 60% of homes in Rockland are single-family detached homes averaging $700,000.
- The median household income in Rockland is $100,000, qualifying for a $260,000 mortgage.
- A housing deficit of 4200 units for those making under $60,000.
- More than 40% of Rocklanders spend 30% or more of their household income on housing.
- In addition to the creation of this fund, the County is hiring a Housing Coordinator which was another recommendation of the HNA to lead the County’s housing initiatives.
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