Home ownership has so many benefits, but it can also come with its challenges. Here are some resources that can enhance your home ownership experience, save you money, and help you navigate through these challenges.
Click on one of the Home Assistance topics from the list below, or scroll to see the entire page content.
|Energy Payment Assistance||Selling Your Home|
|How to Save Money on Homeowners Insurance||How to Save Money on Real Estate Taxes|
|Preventing Foreclosure||Income Tax Resources Concerning Home Ownership|
Energy Payment Assistance
With energy costs as high as they are these days, finding the money to pay your energy expenses can be difficult. Luckily there are programs out there to assist you with this. Take a look at these New York State sites below for more details. There may be other providers not listed.
- “NYS Home Energy Assistance Program (HEAP) ":http://www.otda.state.ny.us/main/heap/default.asp – HEAP is a federally funded program that issues heating benefits to supplement a household’s annual energy cost. HEAP also offers an emergency benefit for households in a heat or heat related energy emergency. Additionally, HEAP offers furnace repair and/or replacement benefit for households with inoperable heating equipment.
- Central Hudson
- Orange & Rockland
- Energy East
- New York State Electric & Gas
All of the above also have budget plans, so contact your applicable provider for more information.
Do you need to make your home more energy efficient? Here are resources for energy efficiency, borrowing for energy efficient home improvements, and tax information concerning energy efficient home improvements.
- New York State Energy Research and Development Agency – Have you been considering ideas on how to improve your home’s efficiency? Making improvements to your home now can have a significant impact on your energy consumption now and in the future. Visit NYSERDA’s website for energy saving solutions.
- NYS Solar Energy System Equipment Tax Credit – Allows a credit for the purchase and installation of an eligible solar energy system. Subject to certain limits, the credit is 25% of the qualified solar energy system equipment expenditures for the purchase and installation of a system that uses solar radiation to produce energy for heating, cooling, hot water, or electricity for residential use.
- NYS Claim for Clean Heating Fuel Credit – Provides for a tax credit for the purchase of bioheat used for space heating or hot water production for
residential purposes within New York State.
- NYS Claim for Green Building Credit – Intended to encourage building owners and developers to design, construct, and operate buildings that are energy efficient, utilize recycled materials, provide clean air, and incorporate renewable and energy efficient power generation.
Selling Your Home
There are instances when selling your house may be the best course of action. Here are some local resources to help you sell your home:
- Dutchess County Association of Realtors
- Orange County Association of Realtors
- Ulster County Board of Realtors
- Westchester Putnam Association of Realtors
How to Save Money on Homeowners Insurance
Get the homeowners insurance you need at the best rates. We help you by impartially shopping the top insurance companies to find the best policy. In fact, HVFCU members who switch their homeowner and auto insurance to us save an average of $450 – $500 per year. For a free, personalized quote, contact us at 866.397.3319 or by email You can also get your personal quote directly online.
How to Save Money on Real Estate Taxes
Real estate taxes are a major expense for homeowners. Depending on the county and the township in which you live, there may be assistance programs available to you. You may also be eligible for the School Tax Relief Program (STAR) exemption. If you think your real estate taxes are too high you may be able to “grieve” your taxes and get them reduced.
- Dutchess County Government
- Orange County Government
- Ulster County Government
- Putnam County Government
- STAR Tax Reduction Program – The STAR Program includes a school property tax rebate program and a partial property tax exemption from school taxes. All New Yorkers who own and live in their home – whether it’s a condominium, cooperative apartment, manufactured home, farm dwelling, apartment building or mixed-use property – are eligible for the STAR exemption on their primary residence.
- Protesting Your Real Estate Taxes – What to do if you disagree with your assessment.
During challenging economic times home foreclosure may become an unfortunate reality. Early intervention is always best so if this is an action that you’ve considered, we have a valuable resource to potentially help eliminate the need:
- BALANCE Financial Fitness Program – Early Delinquency Intervention: Saving Your Home From Foreclosure – Early Delinquency Intervention involves addressing a financial crisis in the earliest possible stages in order to maximize relief available from a lender.
- US Department of Housing & Urban Development – HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure.
There is also information and resources at the various government agencies and private mortgage insurance companies:
- CMG Mortgage Insurance Company
- Fannie Mae
- Freddie Mac
- US Department of Housing & Urban Development
- Veteran’s Administration
Income Tax Resources Concerning Home Ownership
The income tax consequences of financing your home, selling your home, or if you go through foreclosure can be daunting. Learn more through these government publications:
- Mortgage Forgiveness Debt Relief Act of 2007
- IRS Publication 4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments
- IRS Publication 587: Business Use of Your Home
- IRS Publication 530: Tax Information for First-Time Homeowners
- IRS Publication 523: Selling Your Home
- IRS Publication 936: Home Mortgage Interest Deduction
- IRS Publication 527: Residential Rental Property