Offered by the Albany County Rural Housing Alliance Acquisition (ACRHA). The grant is offered as a forgivable loan to be used to purchase and repair a house. It must be used in a very specific way – 51% must be used for rehabilitation/repair and 49% must be used for down payment and closing costs. The amount of the grant depends on the individual case.
Applicants must be first-time homebuyers, meet annual income limits determined by the HUD, finish a homeownership education course, and fall under asset limits. In addition, they must pay for a credit report, start a credit repair program if required, and be able to pre-qualify for a mortgage. They have to put forth at least $1,500 of their own funds for the home and sign a note up to 10 years.
In order for a property to be eligible, it must serve as the family’s primary residence, be a 1 or 2 family home, and be in the target area. Mobile homes do not qualify, but priority is given to those living in mobile homes who wish to purchase stick-built homes.
Properties must be in need of moderate rehabilitation and be inspected by a NYS licensed home inspector, while also meeting the appraisal criteria of the mortgage lender.
Other programs in New York:
- First Home Club Matched Savings Program
- Homebuyer Incentive Program
- Home Acquisition Program
- First Time Home Buyer’s Program
- Housing Opportunities Foundation Individual Grant Program
- Rensselaer County Homebuyer Program