Down-Payment Assistance



The AHP Homeownership Center offers a variety of down-payment assistance programs to meet your needs. 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 have income limits.* Confirm availability and details with each.AHP Down-Payment ProgramsFirst Home Club: If you’re planning ahead, open a matched savings account. Eligible participants can earn up to $4 for every $1 saved - as much as $7,500 towards an eventual home purchase. Available throughout the Capital Region. Visit for details and income limits. Get started by registering for a Homebuyer 101 orientation online.Buyer’s Choice Program: You find the house within the City of Albany. The Albany Community Land Trust helps you fix it up with up to $30,000 towards a down-payment and repairs. See HUD income guidelines*. Get started by registering for a Homebuyer 101 orientation. Details at . Funding available in 2015. Down-Payment Programs Offered by OthersThroughout New York StateSONYMA Down Payment Assistance Loan (DPAL) In conjunction with SONYMA financing, receive a 0% interest rate loan, forgiven after 10 years of owner occupancy. Up to 3% of the home purchase price, up to $15,000. Use for down payment or mortgage insurance premium. Higher interest rate charged on 1st mortgage. Visit or contact AHP for more details.NYS Association of REALTORS? Housing Opportunities Foundation NYSAR’s Housing Opportunity Foundation offers $2,000 gifts to income-eligible owner-occupants who use a Realtor? to assist them with the purchase of a home. Available throughout New York State. To access the application, visit down_payment. Income limits are based on SONYMA limits. In the City of AlbanyHome Acquisition Program (HAP) The City of Albany provides assistance to address the funding gap between the approved mortgage loan and the cost to purchase the home (purchase price and closing costs of up to 3% of the price.) A maximum of $14,900 is available. 1-4 unit owner occupied homes in the City of Albany, 5 year term.? HUD income limits* apply. Contact the Albany Community Development Agency, (518) 434-5240.In Other Areas of Albany CountyTown of Colonie First Time Homebuyer Program The Town of Colonie provides $14,000 for down payment and closing costs for the purchase of a single family home within the town.?For first time homebuyers. Own and occupy the home for 5 years.?The home must be in good condition at time of purchase.?Available in the Town of Colonie. HUD income limits* apply. To be placed on their waiting list, contact Town of Colonie Community Development, (518) 783-2718.ACRHA Acquisition/Rehabilitation Grant The Albany County Rural Housing Alliance provides first-time homebuyers with grants to apply toward closing costs and repairs. Program details vary based upon funding availability. Available throughout Albany County. For more information on this and other grants offered by the organization, contact them at (518) 765-2425. Application forms and details available at .In the City of SchenectadySchenectady 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 (75%) of the assistance is a deferred loan, and the remaining 25% is repaid over 5 years at 4% interest.?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 TroyCity of Troy Homebuyer Incentive Program The TRIP NeighborWorks? Homeownership Center assists first time homebuyers in the City of Troy with grants of up to $20,000. Sliding scale, based upon income, HUD income limits* apply, 10 year term. Agree to own and occupy a one- or two-family home. Contact TRIP, (518) 690-0020, . In Rensselaer CountyRensselaer County Housing Resources When funds are available, down payment and closing cost assistance is available for first time homebuyers throughout Rensselaer County except the City of Troy. HUD 80% income limits* apply. The property must be in good condition. Contact the TRIP HomeOwnership Center at (518) 690-0020, . Assistance for Persons with Developmental DisabilitiesNYS-OMRDD "Home of Your Own" Down-Payment Assistance Low interest rate mortgage assistance to a first time homebuyer household that includes a person who is developmentally disabled. Contact NYS-OMRDD, Ed Kuta, (518) 473-1973.Lender Sponsored ProgramsBe sure to ask your lender if they have a special program for first time buyers. Offerings can include cash toward closing costs or closing cost savings such as waiving the requirement for mortgage insurance.Other Incentives for New Homeowners!CDTA Transit Incentives Receive two years of free transit passes for new homeowners who purchase within walking distance of a transit stop. Submit a short application and evidence of your closing. Visit Comprehensive Home Energy Assessments Save money and make your home more comfortable and energy efficient. A Comprehensive Home Energy Assessment is a top-to-bottom look at the way your home uses energy. The assessment is FREE for most New Yorkers. The assessment is the gateway to qualifying for cash back incentives, low-interest rate financing and grants to help you afford energy improvements to your home. More details at .* Unless noted otherwise, “HUD Income Limits” usually means:Household of 1Household of 2Household of 3Household of 4Household of 5Household of 680% of Median $43,900$50,150$56,400$62,650$67,700$72,700You are considered income eligible if your income is at or below the limits provided based on household size.Income limits last issued December 2013. ................
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