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 the ACRHA Acquisition/Rehabilitation Grant. The 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. The amount of assistance granted is determined on a case-by-case basis.

Eligibility Requirements
  • Only first-time homebuyers are eligible under the program.
  • Applicants must complete an approved homeownership education course.
  • All applicants’ gross income must fall within the HUD’s income limits, based on household size.
  • Applicants must meet asset limits.
  • The applicants must be "mortgage ready." They must payfor a credit report, or begin a credit repair program if necessary. And, they must pre-qualify for a mortgage with a fixed and fair interest rate.
  • Applicants must contribute at least $1,500 of personal funds toward the home purchase.
  • Applicants must sign a Note for up to 10 years.
  • Applicants must provide signed purchase offer after approval.
Property Guidelines
  • Existing single or two family, residential home 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.
  • The home must be inspected by an NYS licensed home inspector.
  • Meet appraisal criteria of the mortgage lender.

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 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.

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.

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