Even though the housing bubble may have popped, and sales prices may be coming down, Long Islanders are facing a barrage of other rising costs that are threatening to price them out of their homes, and force their businesses to close.
Here are four places you may look for help to hold on.
- The SBA And Disaster Loans
The Small Business Administration (SBA) offers a variety of business loan programs through various approved lenders. These loans can be used at various stages of a business. Including for working capital. As well as to recover from disasters.
Long Island is no stranger to disasters, especially through this season of the year. If your business is impacted, then this is always an option worth exploring. Even if you have a home based business.
In fact, the SBA recently updated its disaster loan program, so that new loans taken out through September 2023.
- Electric Bill Help
LIPA has announced that it will offer reimbursements for customers, with a daily $25 credit for those that have gone 72 hours or more without power. Plus, funds for lost food and medications due to power outages.
The new federal Home Energy Assistance Program also offers homeowners up to $1,126 each in funds for home heating assistance.
- Your Mortgage Lender
While banks and mortgage lenders are not always a joy to speak with, especially when you are facing financial difficulties, it is always worth asking how they can help. The earlier you do it, the better, and more options you will have.
This may include refinancing, loan modifications, or Energy Efficient Mortgages (EEM) to help make improvements that will keep your overall housing costs down.
- Property Tax Adjusters, Ltd.
Each year Property Tax Adjusters helps many Long Islanders to challenge and appeal their property tax bills, and get them lowered.
This can save thousands of dollars, or much more each year. Don’t lose your home because you’ve been unnecessarily overpaying on taxes every year.
Summary
Between general inflation, interest rate hikes, and new real estate taxes, it is getting more expensive to hang onto your home.
Be sure to check out these resources to keep your home more affordable and avoid losing it.