The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

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ACRHA Acquisition/Rehabilitation Grant

Financial Assistance for Homebuyers in New York

The Albany County Rural Housing Alliance Acquisition (ACRHA) offers residents the opportunity to qualify for financial assistance via the ACRHA Acquisition/Rehabilitation Grant.

Available Assistance
Assistance comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs. The amount of assistance granted is determined on a case-by-case basis.

Eligibility Requirements
In order to be considered eligible for the ACRHA Acquisition/Rehabilitation Grant, all applicants must meet certain requirements. The program is only available to first-time homebuyers whose annual household income falls within the HUD’s limits, based on household size. They are also required to complete an approved, homeownership education course, and meet asset limits. Potential applicants must be "mortgage ready;" they must pay for a credit report, or begin a credit repair program if necessary, and must pre-qualify for a mortgage with a fixed and fair interest rate. All applicants must contribute at least $1,500 from their own personal funds toward the home purchase, and sign a note for up to 10 years.

Property Guidelines
Any home being purchased must serve as the applicant's primary residence. Eligible property types include existing, single- or two-family residential homes in the stated target area. Mobile homes are not eligible, however, applicants currently residing in a mobile home wishing to purchase a stick-built home will be given priority. The property must be in need of moderate rehabilitation and then be inspected by an NYS licensed home inspector. It must also meet appraisal criteria for the mortgage lender.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
 
 

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

This program is in the form of a second mortgage and provides eligible applicants with a loan of up to 10 percent of the purchase price of the property in order to meet the down payment requirements. The loan has an interest rate of 4 percent with a 5-year term.

The City of Albany offers to its residents the Home Acquisition Program (HAP). It provides financial assistance to low income households with low annual incomes.  Funds can be put towards the down payment and closing costs of the home for a first-time homebuyer who resides in the property being purchased.

The Homebuyer Incentive Program (HIP) grants assistance of $15,000 and $20,000 to income- eligible applicants, in order to promote homeownership in Troy for low income homebuyers. Troy Rehabilitation and Improvement Program requires that all applicants must be first time homebuyers.

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying homebuyers the opportunity to receive a grant, which is designed to assist with closing costs and/or down payments. The Housing Opportunities Foundation Individual Grant Program is in the form of a gift . Repayment is not required.

The Troy Rehabilitation and Improvement Program’s HomeOwnership Center administers funds for the City of Troy's Homebuyer Incentive Program and Rensselaer County's Homebuyer Program in the form of down payment and/or closing cost assistance.

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