Since 1970, The State of New York Mortgage Agency (SONYMA) has been providing financing and programs designed for first-time low and moderate income homebuyers in New York State.

SONYMA partners with approved participating mortgage lenders across the state to offer 30-year, competitive, fixed-rate mortgages with special features to help low and moderate income New Yorkers become homeowners. SONYMA mortgages are available to qualified buyers to purchase single-family homes, homes with two to four units, co-ops, and condominiums.

Better Community Neighborhoods Inc. is proud to announce that we have partnered with the State of New York Mortgage Agency in its Neighborhood Revitalization Program.

The Neighborhood Revitalization Program offers incentives to potential buyers who wish to purchase vacant properties in eligible communities. These communities were selected because they were hard hit by the foreclosure crisis, and have an extensive inventory of vacant homes. Owner occupant buyers will bring economic stability and growth to these neighborhoods and improve property values of the surrounding homes

Program Features Include:

  • Up to $20,000 Cash Assistance to Renovate a Home that You Purchase
  • The Ability to Finance Additional Improvements into Your Purchase Mortgage
  • Can be Combined with other Grants and Assistance Programs

Eligible Properties:

  • One-Four-Family Vacant Properties in Designated Areas
  • Seller Must be able to pass Clean Title to Purchaser
  • Purchase Price Limits Do Not Apply

Eligible Applicants:

  • Applicants Must Intend to Occupy the Property as their Primary Residence
  • Good Credit, Stable Employment and Ability to Make Monthly Mortgage Payments
  • Must Purchase in an Eligible Community
  • Applicant income must fall below NRP Income Limits

Eligible Communities:

  • Buffalo – The Buffalo Urban Renewal Agency
  • Bronx – The Bronx NHS
  • Kingston and Orange County: RUPCO, PathStone and Rural Development Advisory Council
  • Long Island: Long Island Housing Partnership and CDC Long Island
  • Middletown & Newburgh – Pathstone, RUPCO, Rural Development Advisory Corporation
  • Queens: Center for New York City Neighborhoods, NHS and Restored Homes HDFC
  • Rensselaer County – Troy Rehabilitation and Improvement Program
  • Richmond – NHS of Staten Island
  • Rochester: Greater Rochester Housing Partnership
  • Schenectady County – Better Community Neighborhoods, Inc.
  • Troy: Troy Rehabilitation and Improvement Program

For More Information: