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What is the Reimbursement Grant Agreement?
The Reimbursement Grant and Subrogation Agreement contains the terms of the Build It Back Program's grant for the reimbursement of limited eligible expenses you incurred due to Hurricane Sandy damage to your home. The Grant Agreement is between the owner(s) (applicants and co-applicants) and the New York City Mayor's Office of Housing Recovery Operations.
Who signs the Reimbursement Grant Agreement?
All owners listed on the deed to your property (applicants and co-applicants) must sign the Reimbursement Grant Agreement before a notary public unless one or more of the owners have granted authority to someone else to sign on their behalf by completing the Program's Power of Attorney form. Please remember to bring proper identification to present to the notary public.
When is the Reimbursement Grant Agreement signed?
The Reimbursement Grant Agreement is signed after the applicant signs the Coordination of Benefits Worksheet (COB), Reimbursement Certification of Decent, Safe and Sanitary Condition form (F17), and the Reimbursement Worksheet. The F17 is a self-certification form that the home meets the Build It Back Program's Decent, Safe, and Sanitary (DSS) standards.
What is the term of the Reimbursement Grant Agreement?
The ownership requirement reflected in the Reimbursement Grant Agreement begins the date that the Grant Agreement is signed by the owner(s) and ends one year from the date of Grant Agreement signing.
What are the basic requirements of the Reimbursement Grant Agreement?
The basic Reimbursement Grant Agreement includes, but is not limited to, the following requirements:
Am I allowed to sell my home after I receive a reimbursement check?
No. Under the Grant Agreement, homeowners are not allowed to sell the property during the Term of the Grant Agreement. If you sell the property during the Term of the Grant Agreement, you may be required to repay Build It Back an amount equal to 20 percent of the Grant Amount. If you signed more than one Grant Agreement with Build It Back, you will be required to repay an amount equal to 20 percent of each Grant Amount.
Is the assistance from the Build it Back Program in the form of a grant or a mortgage? Is there a lien?
This is a grant and not a mortgage or lien. The terms of the Reimbursement Grant Agreement are contractually binding to both parties. There is not an expectation that this grant will be paid back by the recipient if all terms of the Grant Agreement are fulfilled.
Can my home be foreclosed by the City if I default on the terms of the Reimbursement Grant Agreement?
No. The Reimbursement Grant Agreement is not a lien or a mortgage.
Do I have to make any payments on the grant?
No. The Reimbursement Grant Agreement is not a lien or a mortgage and there are no payments required. Grants are forgivable once all terms of the Grant Agreement are fulfilled. You will only be required to repay grant funds if you do not fulfill the terms of the Grant Agreement. An example of this would be if you sold your home during the Term of the Grant Agreement.
Are there other insurance requirements and when do they apply?
The Reimbursement Grant Agreement only requires the purchase of flood insurance if the structure is located in a Special Flood Hazard Area or floodplain. If you have a mortgage, your lender may require additional insurance such as fire or liability.
Who can I contact if I have other legal questions?
The Build It Back Program cannot provide you with legal advice. You should consult an attorney on your own.