Village of Groton, NY
Tompkins County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Board of Trustees of the Village of Groton 1-23-1989 by resolution. Amendments noted where applicable.]
GENERAL REFERENCES
Housing Authority — See Ch. 27.
Fair housing — See Ch. 93.
Unsafe buildings and land — See Ch. 71.
Fire prevention and building construction — See Ch. 101.
A. 
The property must be located in the Village of Groton.
B. 
All village payments and/or taxes must be current.
C. 
Property unit or units must be vacant and in need of code corrections prior to being reoccupied; or property unit or units must be occupied with documented code violations that without correction may lead to the removal of occupants.
Owners must:
A. 
Have a good credit history.
B. 
Have a good history as a property owner in the village.
C. 
Lack alternative financing at affordable levels.
A. 
All assistance will be in the form of a loan which must be repaid to the village.
B. 
The repayment term will not exceed 10 years.
C. 
Interest rates shall be as follows:
(1) 
Income property owners: 6%.
(2) 
Owner occupied: 6% or 0%. (See chart attached.)[1]
[1]
Editor's Note: See § 9-6, Income level qualification.
D. 
Maximum loan amounts shall be as follows:
(1) 
Single unit property: $7,500.
(2) 
Multiunit property: $5,000 per unit.
[Note: The village will attempt to reduce the village loan to the smallest amount with project still feasible.]
A. 
Initial rent for vacant units, including all utilities, cannot exceed 30% of 80% of the county's median household income for a predetermined household size. (Household size is specified in the loan agreement.)
B. 
The owner agrees to pay the loan in full if the property is sold before the term of the Village's loan expires, at the option of the Village.
C. 
The owner agrees to maintain the property and make immediate corrections to any new code violations.
D. 
The owner agrees to comply with Title VIII of the Civil Rights Act of 1968, which directly prohibits discrimination in the sale or rental of housing on the basis of race, color, religion, national origin or sex.
E. 
All of the above will be included in the loan agreement.
F. 
A promissory note will be signed for the amount of the loan. A mortgage and mortgage note on the property will also be executed.
A. 
The applicant shall complete the application with the necessary information and return it to the Village Clerk's office.
B. 
The Village Loan Committee will review the application and make recommendations to the Village Board.
C. 
The Village Board of Trustees will either approve or deny the application.
D. 
If approval is given, the owner will then sign the approval agreement and then enter into contracts for work to be done.
E. 
After the work is completed, checks will be issued to the owner to pay the contractor.
F. 
After all work is completed, all documents will be signed and repayments will begin.
[Amended 6-20-2005 by L.L. No. 3-2005]
A. 
Owner/occupants who are otherwise qualified for assistance under this chapter will qualify for a zero-percent loan if the total household income is below the income limits for the respective household size under the prescribed HUD Section 8 income limits for low-income households in Tompkins County, New York.
B. 
All other owner/occupants who are otherwise qualified for assistance under this chapter will qualify for a six-percent loan.