Sweat Equity (State)

Sweat Equity was overseen by the non-profit organization Habitat for Humanity and worked in partnership with New York State Homes and Community Renewal’s (HCR) Mortgage Agency (SONYMA). SONYMA provides a two percent, fixed interest rate mortgage to homebuyers, who, in exchange, must work 200 hours or more on the construction of their buildings and put a one percent down payment toward the purchase price of the home. In addition to the down payment, buyers made monthly payments equal to one-third of their incomes. Only low-income, first-time homeowners with credit scores above 620 were eligible.

Program Information

• Scale: Small Scale (between 1 and 999 units)
• Timeframe: Started 2008
• Occupancy Tenure: Homeownership
• Construction Type: Rehabilitation, New Construction
• Building Type: One- to Four-family
• Developer/Owners: Non-Profit
• Income: Very Low-income, Low-income

More Resources

Related Programs: Sweat Equity (City), Self-Help Homeownership Opportunity Program