For residents of Albany, the Home Acquisition Program, or HAP, offers financial assistance to households with an annual income of less than 80% of the median income for the area.
Interested applicants must not already own a home, be first-time homebuyers, must have assets of less than $40,000, and must use the program to buy a 1-4 unit building, condominium, or cooperative unit in Albany.
HAP is offered by the HOME Investment Partnership ACT Program (HOME), and can be used for the down payment or closing costs.
The applicants must occupy the property purchased for as long as they have the HAP mortgage. Repayment is required when the applicants leave the house permanently.
Property Purchase Price Limits as of 2020:
- One-family unit: $178,600
- Two-family unit: $228,647
- Three-family unit : $276,380
- Four-family unit: $343,473
Income limits as of 2020:
- 1 person household: $46,550
- 2 person household: $53,200
- 3 person household: $59,850
- 4 person household: $66,500
- 5 person household: $71,850
- 6 person household: $77,150
- 7 person household: $82,500
- 8 person household: $87,800
Other programs in New York:
- First Home Club Matched Savings Program
- ACRHA Acquisition/Rehabilitation Grant
- Homebuyer Incentive Program
- First Time Home Buyer’s Program
- Housing Opportunities Foundation Individual Grant Program
- Rensselaer County Homebuyer Program