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Resilient Retrofits - CDCLI


What is the interest rate?

The interest rate for this program is 1%.

How long is the loan term?

In general, the loan term will be between five and ten years depending on the applicant’s preference, loan size, and the need for affordable repayment terms.

Is there a minimum credit score to apply?

There are no minimum credit scores to apply, but you must be able to demonstrate the ability to repay the loan. In addition, you need to be current on mortgage payments and tax obligations and have no bankruptcy within the last two years.

Can I take a loan out to secure or repair the shoreline near my house?

No. This program only allows for improvements to the main structure of the subject property. Securing the shoreline, bluff, or bulkheads are ineligible.

I previously made flood mitigation improvements to my home. Am I eligible to apply for this funding for those improvements?

No. This is a new program, so there is no reimbursement of costs for construction work previously incurred.

This program applies to homes in the 500-year floodplain. Do I need flood insurance?

While this program does not require you to purchase flood insurance, if you live near an area of past flooding, you should consider purchasing flood insurance.  In fact, according to FEMA, more than 20 percent of flood insurance claims come from parties of high-risk flood zones.

Are there other requirements as part of this loan program?

Yes, as part of this program, you will be required to obtain an Elevation Certificate and an environmental review—and we can help you with both! An Elevation Certificate is a document regulated by FEMA and completed by a licensed engineer or surveyor. Data collected on the elevation certificate allows insurance companies to assess a property’s […]

Why is this program only offered in Broome, Erie, Kings, Queens, and Suffolk counties?

New York State selected the five counties for this program based on historical flooding events. In the future, this program may be expanded to other counties in New York.

Can I select my own contractor?

 Yes! Borrowers may select their preferred building contractor. However, all contractors must be licensed with New York State.

What will this loan pay for?

This loan can pay for interior flood mitigation and resiliency improvements. See details on eligible improvements here.

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