|
Neighborhood Energy Challenge
Visit us on
facebook
| | 
Down-Payment Assistance
AHP offers a variety of down-payment assistance programs of its own. In
addition, we've compiled this list of programs offered by municipalities and
other nonprofit organizations throughout the region. Many (though not all) of
these programs use
HUD
income limits.
Confirm details and availability with each provider.
For a PDF
flyer version click
here
AHP Down-Payment Programs
Other Incentives for New Homeowners!
Down-Payment Programs Offered by Others
Including resources available in
Albany,
Albany County, Schenectady,
Troy,
Rensselaer County,
Schoharie County
and regionally.
In the City of Albany
 |
Choose Albany - Citywide Homebuyer Assistance Program
[Check availability!]
 |
Offers new homebuyers a zero percent interest rate
loan for up to 8% of the purchase (max. $15,000) towards down payment
and closing costs. |
|
Repayment
terms of 5 or 10 years. |
|
No
income restrictions. |
|
Eligible
homes are citywide up to $200,000. Owner-occupant purchasers. |
|
Contact:
John Kisselback, City of Albany, (518) 434-2532 x27 |
|
|
Choose Albany - Capital City Employer Incentive
|
Assistance
to full-time employees of: Albany Medical Center; College of Saint Rose;
University at Albany; City of Albany; Albany Police Department; or
Albany Fire Dept. |
|
Eligible
areas depend on your sponsoring employer. |
|
$5,000
Forgivable loan pro-rated over five years. |
|
No
income restrictions. |
|
Eligible
homes are citywide up to $200,000. Owner-occupant purchasers. |
|
Contact:
John Kisselback, City of Albany, (518) 434-2532 x27 |
|
|
Home Acquisition Program (HAP)
|
When funds are available, the City of
Albany
provides deferred loans of up to $14,900 to assist with the purchase of
properties anywhere in the City of Albany. The loan is forgiven if you occupy the
home for 5 years. HAP is often combined with the City's Lead Paint Abatement Program.
|
|
HUD
income limits apply.
|
|
Contact the
Albany Community Development Agency, (518) 434-5240. |
|
Funds are
limited. Check availability. |
|
Other Areas of Albany
County
|
Town of
Colonie Down Payment Program
|
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. |
|
|
ACRHA Acquisition/Rehabilitation Grant
|
The Albany County Rural
Housing Alliance provides first-time buyers with a grant for acquisition and
repairs. The award amount depends on amount of repair needed as 51% of the
grant funds must be used toward rehabilitation costs; the maximum award is a
$40,000 grant. |
|
Eligible areas
are: Throughout Albany County.
|
|
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. |
|
In the City of Schenectady
|
Schenectady Second Mortgage Program
|
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. Three quarters 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. |
|
In the City of Troy
|
City of Troy "HIP" Program
|
Check availability of the Homeownership Incentive
Program. When funds are available, it offers $15,000-20,000 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 TRIP at (518) 690-0020 or visit
www.triponline.org. |
|
In Rensselaer County
|
Rensselaer
County
Housing Resources
|
RCHR offers
"Small Cities" money up to $20,000 towards a
home purchase,
anywhere in Rensselaer county except the City of Troy. |
|
1-4 unit
owner-occupied homes are eligible. |
|
Homes must be in
good condition at the time of purchase and pass a HUD "Housing Quality
Standards" (HQS) inspection. |
|
Income limits are
80% of HUD median
income. |
|
Contact the TRIP HomeOwnership
Center at (518) 690-0020 or visit
TRIP's website for details. |
|
In Schoharie
County
|
Schoharie County
Rural Preservation Company
|
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 |
|
Available Regionally
|
NYS Association of
REALTORS®
Housing Opportunities Foundation
|
|
NYS-OMRDD
"Home of Your Own" Down-Payment
Assistance
|
For persons with
developmental disabilities. |
|
Grants of up to
$15,000. Funds can be used for down payment, closing costs or to reduce
the bank mortgage of a single family home. Eligible households must
be a first time homebuyer and include a person who is developmentally
disabled. The household must be able to finance the balance of the
purchase price not covered by the grant or gifts from family members. |
|
Income
must be at or below 51% of median income. |
|
Available in the
following counties: Putnam, Dutchess, Saratoga, Fulton, Montgomery,
Schenectady, Schoharie, Albany, Rensselaer, Greene, Columbia, Clinton,
Essex, Warren, Ulster, Orange and Sullivan. |
| Contact
NYS-OMRDD, Ed Kuta, (518)
473-1973 |
| A "Home of Your Own" SONYMA
mortgage product is also available. Eligibility for the mortgage program
has recently be expanded.
Click here for details. |
|
|
