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What is the Repair Grant Agreement?
The Repair Grant Agreement contains the terms of the Build It Back Repair Grant for the repair of your home that was damaged by Hurricane Sandy. The Repair Grant Agreement is between the owner(s) (applicants and co-applicants) and the New York City Mayor's Office of Housing Recovery Operations. The Repair Grant Agreement includes the Repair Grant amount from the City for the repair of your home. The Build It Back Repair Program is referred to as "Rehabilitation" in the Repair Grant Agreement.
Who signs the Repair Grant Agreement?
All owners named on the deed to your property (applicants and co-applicants) must sign the Repair Grant Agreement before a notary public. Please remember to bring proper identification to present to the notary public.
When is the Repair Grant Agreement signed?
The Repair Grant Agreement is signed after the Tri-Party Agreement if a City Contractor is being used. For the Choose Your Own Contractor Program, the Repair Grant Agreement is signed after the Home Improvement Contract following the Design Consultation.
What is the term of the Repair Grant Agreement?
The term of the Repair Grant Agreement begins the date that it is signed by the owner(s) and ends one year from the completion of the construction work performed.
What are the basic requirements of the Repair Grant Agreement?
The basic Repair Grant Agreement includes, but is not limited to, the following requirements:
Am I allowed to sell my home after Build It Back repairs it?
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.
Where does the dollar figure on the Repair Grant Agreement come from?
The dollar figure for the total Repair Grant amount in the Agreement is based on the Total Development Costs identified in your Tri-Party Agreement with a City Contractor or in your Home Improvement Contract for the Choose Your Own Contractor Program. We then subtract the required Homeowner Contribution ("transfer amount") from the Coordination of Benefits Worksheet. For example, if the total Development Costs are $20,000 and you have a $5,000 transfer amount, then the total Repair Grant amount would be $15,000.
Is the assistance from the Build It Back Program in the form of a Repair Grant or a mortgage? Is there a lien?
This is a Repair Grant and not a mortgage or lien. The terms of the Repair Grant Agreement are contractually binding to both parties. There is not an expectation that this Repair Grant will be paid back by the recipient if all terms of the Repair Grant agreement are fulfilled.
Can my home be foreclosed by the City if I default on the terms of the Repair Grant Agreement?
No. The Repair Grant Agreement is not a lien or a mortgage so there is no ability for the Build It Back Program to foreclose on your property.
Do I have to make any payments on the Repair Grant Agreement?
No. The Repair Grant Agreement is not a lien or a mortgage and there are no payments required. Repair Grants are forgivable once all terms of the Repair Grant Agreement are fulfilled. You will only be required to repay Repair Grant funds if you do not fulfill the terms of the Repair Grant Agreement. An example of this would be if you sold your home during the one-year homeownership requirement without permission from the Build It Back Program.
Are there other insurance requirements and when do they apply?
The Repair Grant Agreement only requires the purchase of flood insurance if the structure is located in a Special Flood Hazard Area or floodplain upon completion of construction. 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.