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.

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Home Acquisition Program (HAP)

Financial Assistance for Homebuyers in New York

The City of Albany offers to its residents the Home Acquisition Program (HAP) to help provide financial assistance to low income households with annual incomes under 80 percent of the area median income. They mush not currently do not own and must use the funds to purchase a 1 to 4 unit building, condominium or cooperative unit in the City of Albany.

Funding for the program comes from HOME Investment Partnership ACT Program (HOME). Funds can be put towards the down payment and closing costs of the home, but may not be used for property improvements in excess of code compliance requirements, room additions other than bedrooms, taxes, water bills, and homeowners insurance.

Eligibility Requirements
Applicants must be first-time homebuyers and must reside in the property purchased for the life of the HAP mortgage. In the event of resale or non-occupancy, repayment is required.

Eligible applicants must have an annual household income under 80 percent of the median within six months of delivery of services, otherwise it must be updated. Current HUD Income Guidelines for Annual Household Income under 80 percent median as of 5/31/11 are as follows:
  • 1 person: $46,550
  • 2 persons: $53,200
  • 3 persons: $59,850
  • 4 persons: $66,500
  • 5 persons: $71,850
  • 6 persons: $77,150
  • 7 persons: $82,500
  • 8 persons: $87,800
(Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information)

Homebuyers with assets totaling more than $40,000 are not be eligible to participate in this program. Assets include savings, checking accounts, certificate of deposits, IRA, 401(K), stocks, bonds, etc.

The property must fall within the following purchase price limits:
  • One-family unit: $178,600
  • Two-family unit: $228,647
  • Three-family unit : $276,380
  • Four-family unit: $343,473

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.