SIDNEY, N.Y.–Sidney FCU has entered into a partnership with The Impact Project on a new home repair loan project for low-income homeowners in Chenango, Delaware and Otsego counties in New York.
According to the organizations, the partnership will provide up to $300,000 for residents just above the poverty line who might not qualify for other loans. Each individual’s loan amounts up to $15,000 with 0.5% interest, WBNG reported.
Impact Project Executive Director Jim Willard said 25.2% of all homes in Chenango County are completely vacant.
“There’s a lot of reasons for that, but the nail in the coffin is that the home is no longer safe and affordable, so they actually pick up and leave their home,” Willard told the news outlet.
According to the report, some of the repairs this loan will help pay for include roof repairs, plumbing, heating and more.
‘No Longer Livable’
The Impact Project told WBNG a homeowner leaves their home in Chenango County every 48 hours because the homes become run-down and no longer livable.
“We’re pledging $300,000,” said Jim Reynolds, president and CEO of the $866.2-million Sidney Federal. “To help keep these homeowners in our counties and hopefully create some great financial habits for them in the future as well.”
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