BINGHAMTON, NY (WIVT/WBGH) – Homeowners in New York’s 500-year floodplain can receive up to $50,000 for flood protection and energy efficiency upgrades.

The non-profit Home HeadQuarters held a news conference this afternoon detailing the loan requirements.

Income-eligible homeowners in Broome County can apply for the Resilient Retrofits One Percent Loan Program.

You can receive a $50,000 loan at one percent interest for five to ten years.

The funds must be used for at least one flood mitigation upgrade; however, funding can also cover improvements such as installing a new hot water tank, or energy efficient appliances.

Broome County Executive Jason Garnar says that this program is meant to minimize the growing risks of climate change.

Broome County Executive Jason Garnar says, “Any of us who own a home, have a number of projects that we’d love to do, but often our household budgets prevent us from doing them. But, protecting your home from flooding shouldn’t have to be one of those things you put off because you just don’t have the money to do that. So, this isn’t about putting an addition on or renovating the kitchen, these are projects that will help you make your home, ensure your home and your family are safe.”

There is no minimum credit score required for the program, but homeowners must be current on their mortgage.

The $9 million fund is provided through New York State Homes and Community Renewal.

To see if your property is in the 500-year floodplain, and to see if you are income eligible, visit here.