Rockland Housing Loan Fund Now Accepting Applications

NEW CITY—Rockland County Executive Ed Day, County Legislature Chairman Jay Hood Jr., and Community Development Director Alexandra S. Obremski, announced on June 13 that the county’s Housing Loan Fund is live and accepting applications.

The fund was one of the recommendations made to the county of Rockland in the first-ever comprehensive community and housing needs assessment. This program, approved unanimously by the Rockland County Legislature on April 16th, will provide direct loans to borrowers in support of the creation or preservation of housing that is attainable to the average Rockland resident. Proceeds from loan repayments will flow back into the fund for future housing opportunities.

“We have aging populations who can’t afford to downsize, young families who can’t afford to upgrade, and skyrocketing unaffordable rents for those in between,” said Rockland County Executive Day. “This is the first of many steps we will be taking to address the complex housing hurdles this county is facing.”

“The county’s Housing Loan Fund is an important step in encouraging and supporting the experts who can help address the national housing shortage on the local level,” said Rockland County Legislature Chairman Jay Hood Jr. “I urge all developers, municipalities, and affordable housing organizations to apply to the program so we can provide safe and proper housing to the individuals, seniors and families who need it.”

Rockland County designated $13.5 million in American Rescue Plan Act funds for the initiative, which the county intends to commit by the end of this year. Eligible applicants include not-for-profit and private housing developers who must be current on all municipal taxes and fees and have a record of timely payment. Additionally, any new buildings must be constructed to the green building standard outlined in Columbia Law School’s Center for Climate Change Law’s Model Municipal Green Building Ordinance.

Rockland County Legislature Minority Leader Lon M. Hofstein said, “In today’s economy, even with both parents finding it necessary to work, it is still very difficult to secure a home that meets their family’s needs and falls within their budget. This new Housing Loan Fund can offer relief by bringing more affordable units to the market, assisting families in their quest to afford the home that they desire.”

The county’s Housing Needs Assessment findings included:

Nearly 60% of homes in Rockland are single-family detached homes averaging $700,000.
The median household income in Rockland is $100,000, qualifying for a $260,000 mortgage.
A housing deficit of 4,200 units for those making under $60,000.
More than 40% of county residents spend 30% or more of their household income on housing.

In addition to the creation of the fund, Rockland County is hiring a Housing Coordinator which was another recommendation of the HNA to lead the county’s housing initiatives.

Those interested in applying for the Housing Loan Fund can find details at https://rocklandgov.bonfirehub.com/opportunities/141816.