Governor eases vets’ mortgage worries - Army News | News from Afghanistan & Iraq - Army Times

Governor eases vets’ mortgage worries

ALBANY, N.Y. — After listening to concerns of Fort Drum soldiers and families last week, Gov. Eliot Spitzer has announced a series of measures designed to address some of their problems, including a $10 million program to provide eligible New York veterans with low-interest mortgages.

The State of New York Mortgage Authority, or SONYMA, program through M&T Bank will provide mortgage rates “substantially lower than conventional financing,” according to the governor’s office. Financing, coupled with SONYMA’s closing cost assistance, construction incentives and remodeling financing “will greatly enhance the ability of U.S. military veterans to buy or improve their homes.”

In addition, the state Department of Housing and Community Renewal has approved tax incentives for the construction of about 200 housing units in the Fort Drum area. It will provide additional rental housing for low- and moderate-income families in the town of Watertown.

Spitzer also announced funding for counseling services intended to help with the stresses, substance abuse, and mental health needs of military families in the region dealing with lengthy overseas deployments and the strain of wartime.

A full-time state veterans’ counselor also will be established in Watertown, he said.

“We want to do all we can do to help those who are serving our nation during wartime,” Spitzer said. “That includes ensuring that their dependents and loved ones at home receive the assistance they need.”