FULTON, NY – The Fulton Community Development Agency has announced that a CDBG Affordable Housing Grant in the amount of $207,360 has been awarded to the agency from the NYS Office for Homes and Community Renewal.
The grant money will assist twelve families in purchasing their first home in the city of Fulton, a press release revealed.
A new twist, however, will allow a portion of the families the opportunity to purchase two-family properties with the owner living on site.
“We are absolutely thrilled to launch this new initiative in the City of Fulton. This was a direct result from a comprehensive planning session that will now become a reality,” said director of the Fulton CDA, Joe Fiumara.
The idea was developed from a City Comprehensive Plan Update committee that has now brought the strategy to life.
The benefit for the city is onsite ownership of multi-family housing. In the past, it has been documented that multi-family properties with the owners on site have seen less police calls, less dilapidation, and a better sense of neighborhood pride, Fiumara explained.
He said that the city has an abundance of two-family properties on market currently.
“This could be a great stabilization tool for our neighborhoods. This is the first time we have ventured into this type of homeownership, however this grant does provide funds for our traditional single family acquisitions as well,” Fiumara said.
The Fulton Community Development Agency has always displayed proven performance with many funding sources in terms of exceeding goals and providing very efficeint strategies to complete these projects, the press release said.