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Question Are there any state programs that can assist me financially in building a new home?

Answer Yes, the State of New York Mortgage Agency (SONYMA) administers two programs which provide low interest rate financing on newly constructed one-and two -family homes. The Construction Incentive Program (CIP) offers 100% financing to eligible borrowers and features a two-step interest rate. For details, click on More Info below. The Low Interest Rate Mortgage Program can also help. Click on More Info below for details or call 800-382-HOME (4663). By law SONYMA can't provide funds to finance the construction itself, but can provide permanent financing to 'take out' the construction lender upon completion of the home. Also, the Affordable Home Ownership Development Program, which is administered by the New York State Affordable Housing Corporation (AHC) may be able to assist you. The program was designed to make homeownership affordable to low-and moderate-income families and individuals. AHC awards grant funds that help finance the construction, acquisition/rehabilitation and improvement of owner-occupied housing. Although individuals and families can't apply directly for AHC grants, AHC can provide you with a list of its grantees that may be administering grants to individuals and families in your region. Go to: or e-mail

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