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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Housing Opportunities Foundation Individual Grant Program

Financial Assistance for Homebuyers in New York

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 with no requirement to be paid back and is available to low/moderate income families in the state of New York.

A gift of $2,000 will be awarded to qualifying homebuyers for down payments and closing costs normally associated with purchasing a home. If a closing occurs prior to the awarding of funds, the applicant will no longer be eligible to receive a grant. The grant funds will be available for 120 days following final approval by the Foundation.

Eligibility Requirements
Applicants must be first-time homebuyers as defined by The State of New York Mortgage Agency (SONYMA). This means that only people who have not had ownership interests in their primary residence at any time during the three years prior to the application date are eligible for a SONYMA mortgage loan. However, obtaining a SONYMA loan is not required to qualify for the grant. Additionally, applicants may not own a vacation or investment home.
  • Applicant incomes must be no more than 110 percent of the SONYMA Low Interest Rate Program’s target income limit for the applicant’s county as posted on the SONYMA website on the day the application is received by the Foundation.
  • The purchase price must be no more than 110 percent of the SONYMA Low Interest Rate Program’s target purchase price limit for the applicant’s county as posted on the SONYMA website on the day the application is received by the Foundation.
  • Grants will be limited for the purchase of an owner occupied residence only.
  • Realtors representing themselves in their own home buying transaction are ineligible.
  • Applicants must be using a realtor to be eligible for this grant.

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.