NORWICH – The New York State Affordable Housing Corporation last month approved $712,500 to Opportunities for Chenango, Inc. to grant to income-eligible victims of the June 2006 flood.

The funds, available in mid-June, are for new home purchases and home repairs. OFC has already identified at least 15 displaced families who will receive the new homes, Chenango County Housing Services Director Wayne Viera said.

With the new influx, a total of approximately $2 million has been dispersed between Chenango, Broome, Otsego and Madison counties for housing-related purposes since the record-breaking flood. “Eighty percent of that money is an investment in the local economy. It definitely will have an impact,” Viera told members of the Planning & Economic Development Committee May 8.

To be eligible for the new grants, applicants must earn 80 percent or below the county median of $28,380 and obtain flood insurance. The grant will pay for the first year of insurance.

“That’s a start, but it’s very hard to maintain flood insurance for these low-income people,” said Town of New Berlin Supervisor Ross Iannello, a member of the committee.

In addition to the two flood-related grants available, OFC is also distributing $400,000 to successful applicants in its 2007 First Time Home Buyer program. That amount was made available earlier this year via a New York State Governor’s Office For Small Cities Grant.