Grant Programs available through Albany County Rural Housing, inc. for first-time home buyers:
Available Purchase Area for HOME Down Payment Assistance Grant
First-time homebuyers who are approved for the home down payent assistance grant may look for homes in the areas listed on the map below.
If your municipality is not listed, please see our helpful links page for other agencies that may be able to assist you.
Housing Advisement Services are not restricted to our service area.
programs available through other funding sources:
Homebuyer Dream Program® (HDP®)
HOW?
For more information on how to apply, please contact One of our home ownership advisors today Contact information is listed below or click here
Homebuyer Dream Program® (HDP®)
If you are interested in participating, please contact one of the approved member community lenders listed under HDP Participating Members.
The HDP offers grants up to $20,000. The FHLBNY will grant up to $19,500 towards down payment andclosing cost assistance to eligible first-time homebuyers purchasing a home through one of ourapproved community-based, member lenders. Additionally, the Homebuyer Dream Program also offersup to $500 towards the defrayment of homeownership counseling costs which will be provided for theuse of the household via the member to the non-profit housing agency. The amount of the defraymentwill be added to the grant.
If you are interested in learning more about the program, contact one of the approved member community lenders so they can assist you with your questions and determine eligibility.
Prepare for the homebuyer dream program grant by completing your home-buyer education class now
Click on Icon To Register & be sure to use our coupon code: SAVEME10 for $10 off the cost of the class.
All applicants must meet the following requirements to apply:
Applicant must be a first time homebuyer, per hud’s definition complete a hud-certified homebuyer education course and receive certificate.
Have minimum personal savings of $1,000. Be ready to purchase and have a contract agreement for an eligible property type: 1-4 family home, condominium, cooperative, or manufactured home permanently affixed to a foundation (2-4 family units must include 75% of projected rental income). Household annual gross income must be less than 80% of the nys mortgage revenue bonds median
Current maximum income eligibility as of march 2024 is as follows:
1-2 person is $94,240
3 or more is $108,376
The maximum income limits listed apply to home purchases in
Albany, Rensselaer, Saratoga, and Schenectady counties
Note: the homebuyer(s) must agree to maintain ownership of and reside in the property as the primary residence for a period of five years from the closing date or repay a prorated amount of the HDP grant, or any other remedies authorized by the AHP regulation. If the homebuyer(s) owns the home for the full five-year term, the grant is forgiven at the end of the retention period.
Participating lenders in the capital district include, but not limited to:
- Broadview Federal Credit Union
- First National Bank of Scotia
- Glens Falls National Bank & Trust
- M&T Bank
- NBT Bank
- Saratoga National Bank & Trust CO.
- Sunmark FCU
For more information and a complete list of participating lenders, visit:
https://www.fhlbny.com/community/housing-programs/hdp/participating-members
Interested In Applying for the Homebuyer Dream Program?
For more information on the program and how to apply, please contact our Home Ownership Advisor