|Town of Babylon Community Development Block Grant Home Improvement Funding Now Available to Town of Babylon Residents
Funding for Home Improvements is now available to residents of the Town of Babylon through the Town of Babylon Community Development Block Grant Home Improvement Program. Community Development Corporation of Long Island (CDCLI) will be administering the Town’s Home Improvement Program, a program that provides no-interest, deferred payment loans to qualified low to moderate income homeowners.
CDCLI was awarded a $50,000 grant from Capital One Foundation to support its Homeownership Center. The grant is being used by CDCLI to fund its pre and post purchase programs and services that help Long Islanders retain assets and wealth, while addressing housing needs in order to achieve and sustain affordable, long-term homeownership. These programs include CDCLI’s Financial Fitness, Health, and Wealth (FFHW), Home Maintenance Training Program (HMTP), and Home Equity Conversion Mortgage (HECM) counseling.
CDCLI was awarded a $125,000 Housing for Everyone grant through TD Charitable Foundation, the charitable giving arm of TD Bank America’s Most Convenient Bank@. The grant will be used by CDCLI to expand its multifamily development portfolio on Long Island.
The severe shortage of affordable rentals continues to pose challenges on Long Island. The Long Island Index 2018 Indicators Report shows that the number of LI residents living in single family homes continues to decline (a 6% decrease in the last 3 years). The median sales price of single family homes is out of reach for the average family. Currently, 18% of residents live in multifamily housing and in 5 years, 30% are expected to live in multifamily housing.
Septic Replacement Loan Program for Suffolk County Residents
To further CDCLI’s mission of increasing investment in neighborhoods, protecting the assets of homeowners, and protecting the environment, a low interest rate loan product is now available to assist with the installation of a Suffolk County approved replacement septic system!