New City, NY – Rockland County Executive Ed Day, County Legislature Chairman Jay Hood Jr., and Community Development Director Alexandra S. Obremski are excited to announce that the County’s Housing Loan Fund is now live and accepting applications. This initiative, supported by $13.5 million in American Rescue Plan Act funds, aims to create or preserve affordable housing for Rockland residents.
Program Highlights:
- Purpose: Provide direct loans to support the creation or preservation of attainable housing.
- Funding: $13.5 million allocated from the American Rescue Plan Act, to be committed by the end of the year.
- Eligibility: Not-for-profit and private housing developers current on municipal taxes and fees, with a record of timely payment. New constructions must meet the green building standards outlined by Columbia Law School’s Center for Climate Change Law.
Key Statements:
- County Executive Ed Day: “This initiative addresses the complex housing challenges in Rockland County, supporting everyone from aging populations to young families struggling with rising rents.”
- Legislature Chairman Jay Hood Jr.: “The Housing Loan Fund is crucial for local developers and organizations to provide safe, affordable housing.”
- Legislature Minority Leader Lon M. Hofstein: “This fund can bring more affordable housing units to the market, helping families secure homes within their budget.”
- Economic Development & Housing Committee Chairman Jesse Malowitz: “The Housing Loan Fund is a step towards resolving the housing affordability crisis for young adults and others in Rockland County.”
- Community Development Director Alexandra S. Obremski: “These loans will benefit various demographics, including seniors, essential workers, and volunteer emergency services providers.”
Housing Needs Assessment Findings:
- Nearly 60% of homes in Rockland are single-family detached, averaging $700,000.
- The median household income is $100,000, qualifying for a $260,000 mortgage.
- There is a housing deficit of 4200 units for those earning under $60,000.
- Over 40% of Rocklanders spend 30% or more of their income on housing.
In response to these findings, the County is also hiring a Housing Coordinator to lead housing initiatives, as recommended by the Housing Needs Assessment (HNA).
Application Details: Interested applicants can find more information and apply through the Rockland County Housing Loan Fund website.
For further assistance, please contact the Division of Environmental Resources at 845-364-2670 or via email at rosamilb@co.rockland.ny.us.
Take advantage of this opportunity to contribute to Rockland’s future by creating or preserving housing that is affordable and sustainable. Apply now!