Down-Payment Assistance

You find the house and make it yours with $24,900 for repairs, down-payment and closings costs in eligible Albany neighborhoods.

Must be a first-time homebuyer or have not owned a home in the past three years.

Household must meet HUD income guidelines.

Contact: Albany Community Land Trust, (518) 426-1296.

Click here for a detailed flyer.

Faculty and staff of six Albany colleges are eligible for grants of $5,000 towards a down-payment and/or closing costs in expanded areas of the Pine Hills, Delaware Area and Park South neighborhoods.

Citizens Bank offers similar incentives to the general public when used in conjunction with Citizen's financing.

No income limits for either program.

Contact: Ashley D'Antonio, City of Albany, (518) 434-2532 x26  and/or Lisa Stepp, Citizens Bank, (518) 432-2290.

Midtown Program Flyers:

When funds are available, the City of Albany provides deferred loans of up to $15,000 to assist with the purchase of properties within several Albany neighborhoods, including: North Albany, Arbor Hill, West Hill, Capital Hill, and South End. The loan is forgiven if you occupy the home for 10 years. Often combined with the Lead Paint Abatement Program. 

HUD income limits apply.

Contact the Albany Community Development Agency, (518) 434-5240.

The Town of Colonie provides $25,000 for down payment and closing costs for the purchase of a single family home within the town. This is a deferred loan that becomes a grant if you occupy the home for a period of 10 years.

Home must be in good condition at time of purchase and meet HUD Housing Quality Standards (HQS).

Available in the Town of Colonie.

HUD income limits apply.

To be placed on their waiting list, contact the Colonie Community Development office at (518) 783-2718.

The Albany County Rural Housing Alliance provides first-time homebuyers with 100% grants to apply toward closing costs and repairs; 51% of the grant funds must be used toward rehabilitation costs, maximum $25,000 grant (12,750 repairs, $12,250 closing costs). 

Eligible areas are: Towns of Berne; Knox; Westerlo; Coeymans; Rensselaerville; New Scotland; Village of Altamont and the City of Cohoes.  Priority is given to applicants already living in these areas wishing to purchase in the same area, and specifically to mobile home dwellers. 

For more information on this and other grants offered by the organization, contact ACRHA at (518) 765-2425. Application forms and details are available on ACRHA's website.

The Schenectady Housing Development Fund Corporation provides up to 10% of the purchase price of a home in the city of Schenectady to be used for down payment or closing costs.  75% of the assistance is forgiven after five years of owner occupancy. Remainder is repaid with a five year amortization. The property must be in standard condition and pass a Certificate of Occupancy inspection. 

HUD income limits apply.

Contact the Schenectady Department of Development, (518) 382-5147.

Better Neighborhoods Inc. offers several forgivable loan programs for repairs at the time of purchase. 

The program is available in various Schenectady neighborhoods, depending on funding availability. Additional funds are available to buy and repair on Emmett Street.

For details and income limits, contact BNI at (518) 372-6469 or visit www.better-neighborhoods.org.

Check availability of the Homeownership Incentive Program. If available, it offers $12,500-20,000 in down payment assistance to owner-occupant purchasers. Grant amounts are based on household income. Grants require TRIP home ownership training and are available throughout the City of Troy.

HUD 80% of median income limits apply.

Contact the Troy Planning Department at (518) 270-4618.

RCHR offers "small cities" money up to $16,250 towards a home purchase anywhere in Rensselaer county except the City of Troy.

HUD 80% of median income limits apply.

Contact the TRIP HomeOwnership Center at (518) 690-0020.

RCHR also offers HOME money up to $20,000 towards a home purchase, anywhere in Rensselaer county except the City of Troy.

Income limits are 60% of the HUD median. (Call for figures.)

Contact the TRIP HomeOwnership Center at (518) 690-0020.

CHECK AVAILABILITY

The Saratoga RPC offers a deferred second-mortgage for up to $20,000 in assistance to eligible first-time buyers towards down-payment and/or closing cost assistance.

HUD 80% of median income limits apply.

Purchase price cannot exceed FHA limit currently $172,632.

Call for details, eligibility and availability: (518) 885-0091

CHECK AVAILABILITY.

Schoharie RPC offers first-time home buy grants and/or repair grants though three home purchase assistance programs.

Applicants must meet income guidelines.

Funds can be use for down payment and closing, and rehabilitation monies to address health and safety hazards in the home.

Call for details, eligibility and availability: (518) 234-7604