The road to home ownership is quite extensive. From knowing what's on your credit report, and how to fix any problem areas to identifying which mortgage product is right for your current situation, there are many steps involved in purchasing a home.
Homeownership is vital to the success of our neighborhoods. The city of Albany has numerous resources to assist you in making the dream of owning your own home a reality.
The Albany Community Development Agency is responsible for administering and distributing community development funds received annually from the U.S. Department of Housing and Urban Development, NYS Affordable Housing grants, City of Albany and other resources. In addition, the office oversees the Mayor's comprehensive new strategies for homeownership in the City, including the opening of a new Home Store to assist new and existing homeowners to buy and maintain a home. The Albany Community Development Agency is located at 200 Henry Johnson Blvd. The phone number is 434-5240.
The Albany Home Store, a department within the Albany Community Development Agency, is a centralized, "one-stop" facility that offers credit counseling, budget counseling and pre-purchase counseling and numerous other related services needed to become a successful homeowner in the City of Albany. The Albany Home Store is located at 200 Henry Johnson Blvd. The phone number is 434-5240.
Homeowner Assistance Programs:
Listed below you will find a brief description of the main grant, savings and loan programs offered to assist you in purchasing a home in the City of Albany. The income requirements vary by program, with several having NO INCOME RESTRICTIONS. To view the program guidelines for a specific program click on the name of the program.
Home Acquisition Program (HAP) - HAP provides up to $15,000 for down payment and closing costs assistance. It is a 10-year, interest free, deferred loan for a 1-4 unit owner occupied property within the North Albany, Arbor Hill, West Hill, Capital Hill, and the South End areas of the City of Albany. There are income restrictions. You cannot currently own any other property
American Dream Downpayment Initiative (ADDI) - ADDI provides up to $5,000 for down payment and closing costs assistance while funding lasts. It is a 5-year, interest free, deferred loan for one and two family owner occupied homes throughout the City of Albany. You must be a first time homeowner. There are income restrictions
Albany Down payment Assistance Program (ADAP) - ADAP provides up to 8% of the purchase price for closing cost assistance while funding lasts. It is a 0% 10 year loan. You must have 5% of your own funds for down payment. ADAP can be used on any owner occupied 1-2 family properties within the City of Albany. There are no income restrictions; however, you must receive your first mortgage from HSBC Mortgage Corporation (USA) in order to participate in ADAP. You do not need to be a first time homebuyer, but cannot own any other property at the time of closing
Midtown Colleges Employer Assisted Housing Program (EAH) - Employees of Albany College of Pharmacy, Albany Law School, Albany Medical Center, College of St. Rose, The Sage Colleges, and University at Albany are eligible to receive $5,000 for down payment and closing costs assistance in the form of a five-year forgivable loan towards the purchase of a home within the Midtown Homeownership Zone Phase I boundaries. There are NO income restrictions. The home must be owner occupied. You do not need to be a first time homeowner, but can not own any other residential property at the time of closing. The forgivable loan is on a first come first serve basis while funding lasts
Midtown Homeownership Zone - the Midtown Homeownership Program provides $5,000 for down payment and closing costs assistance in the form of a five-year forgivable loan for individuals/families purchasing homes within the Midtown Homeownership Zone Phase I boundaries. There are NO income restrictions. The home must be owner occupied. You do not need to be a first time homeowner, but can not own any other residential property at the time of closing. You must obtain your first mortgage from Citizens Bank. The forgivable loan is on a first come first serve basis while funding lasts
Capital District Individual Development Account Program (IDA) - IDA is a savings program where for every dollar that you put into a savings account, the bank will match it with three dollars (up to a maximum of $5000). You must save for a minimum of 10 months and a maximum of 30 months and must be a first time homebuyer. There are income restrictions and specific banks that you must use to participate in the IDA program. The Affordable Housing Partnership manages the IDA savings program.
In Rensselaer County Outside the City of Troy:
If you would like more information about any of these programs, please contact us today!
RCHR HOME Grant:
TRIP’s Home Ownership Center offer grants to income-eligible first-time homebuyers through Rensselaer County Housing Resources for downpayment and/or closing cost assistance.
- Applicants must be at or under 80% of the area’s median income as shown below.
- Applicants may not have a purchase contract on a home at the time of application.
- Applicants must have completed Pre-Purchase Education Program before applying for downpayment assistance.
- To increase the amount of closing cost/downpayment assistance, potential homebuyers may also wish to participate in the First Home Club, which offers a savings match of up to $7,500.
The first step is to attend a Homebuyer Orientation Session - Please view our Calendar of Events for information on upcoming dates.
Contact Danielle at the TRIP Home Ownership Center by e-mail at danielle@triponline.org or by phone at 690-0020 x221 to register or for more information.
In the City of Troy:
Troy's Homebuyer Incentive Program(HIP):
This program helps to promote homeownership in Troy for low-income homebuyers. Eligible applicants must have an annual household income at the time of application under 80% of the area’s median income shown below.
To increase the amount of closing cost/downpayment assistance, potential homebuyers may also wish to participate in the First Home Club, which offers a savings match of up to $7,500.
If you have any questions regarding this program and for information on how to obtain an application, please contact the City of Troy Planning Department at (518) 270-4618.
Visit the City of Troy’s website for more information.
HSBC's Shop Capital Program:
This program can provide up to $3,500 closing cost assistance or .75% interest rate discount. Additional grants for downpayment and/or closing cost assistance may be available for income qualified customers.
Freddie Mac Affordable Merit Rate Mortgage available for borrowers with less-than-perfect credit. After 24 on-time mortgage payments, the customer is eligible for a 1% interest rate reduction.
Requirements:
Income limits may apply based on purchse area. View SHOP Capital - Map of Troy.
For more information on SHOP Capital visit HSBC's website.
CPC's - Take Stock In Your Block Program:
Community Preservation Corporation offers loans up to $500,000 for acquisition and rehabilitation of investment properties located in South Troy and purchased by South Troy residents.There are no income limits on participants. The program features supplemental 0% financing, 30 year fixed rate permanent loans, one loan closing with escrow for rehabilitation, and reduced fees for third party reports.
For program availability call ( 518) 463-1776 or visit http://www.communityp.com/
In the Capital District:
New York State OMRDD "Home of Your Own" Down-Payment Assistance:
For persons with developmental disabilities.
Grants of up to $15,000. Funds can be used for down payment, closing costs or to reduce the bank mortgage of a single family home. Eligible households must be a first time homebuyer and include a person who is developmentally disabled. The household must be able to finance the balance of the purchase price not covered by the grant or gifts from family members.
Income must be at or below 51% of median income.
Available in the following counties: Putnam, Dutchess, Saratoga, Fulton, Montgomery, Schenectady, Schoharie, Albany, Rensselaer, Greene, Columbia, Clinton, Essex, Warren, Ulster, Orange and Sullivan.
Contact NYS-OMRDD, Ed Kuta, (518) 473-1973
A "Home of Your Own" SONYMA mortgage product is also available. Eligibility for the mortgage program has recently be expanded. Click here for More Information.
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HUD 80% Area Median Income
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80% of Median Gross Income* |
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*Income Limits Were Updated Feb 2008
In Schenectady:
Schenectady Home Ownership ProgramProgram Details:
SHOP will initially purchase 16 homes with grant funding and proposes to invest up to $60,000.00 per property for rehabilitation. Homes will be rehavilitated to eliminate code and safety issues and will meet housing qulaity standards.
The SHOP Program will be targeting properties throughout the city of Schenectady. SHOP will be purchasing single family homes that are in need of rehab.
After rehab, SHOP will sell the homes to eligible applicants at a reduced cost. The goal of the program is to reduce the overall cost by about $20,000.00 per property. The program has the discretion to reduce and/or increase the price based on actual costs for acquisition and rehabilitation.
Once SHOP takes title to a home, lead paint and asbestos testing and abatement will be done. Then, a specification for the rehab will be put out to bid. Once the bid is awarded to a contractor, it si assumed that the rehab will be completed within 90 days.
During the rehab process, eligible applicants will be shown the homes. Once a property is selected, a closing will be scheduled to transfer title to the new homeowner.
New homeowners will sign a promissory note(s) and lien(s) for the grant subsidy to acquire and rehab the property. The liens will not require any re-payment provided the purchaser resides int eh home for 15 years. There will be a pro-rated recapture of the grant subsidy if the homeowner stays less than 15 years.
Once a home is sold, the funds will be used to purchase and rehabilitate more homes.
- Applicants must be 1st time homebuyers as defined by HUD.
- Family gross must be under 80% of area median income
- All applicants must complete a required housing counseling course. The SHOP Program must receive a certificate of completion and a letter to proceed from the housing counseling agency. These documnet will let ShOP know that the applicants are ready to apply for mortgage financing and "bankable". Housing counselors will also give an estimated amount of pre-approval for mortgage financing.
The section 8 Homeownership program assists applicants interested in becoming homeowners in Schenectady. Eligible, 1st time homebuyers may be able to use their section 8 rental voucher subsidy to help meet monthly homeownership expenses for up to 15 years.
Who can apply?
- Allows 1 or more members of a family to purchase a home. Applicants must be 1st time homebuyers as defined by HUD.
- Applicants must have been assisted by the section 8 rental voucher program for a period of 1 year prior to receiving homeownership assistance.
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Allows one or more members of a family to purchase a home. Applicants must be first-time homebuyers as defined by HUD. |
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Applicants must have been assisted by the Section 8 Rental Voucher Program for a period one year prior to receiving homeownership assistance. |
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Preference is given to Family Self-Sufficiency participants who have at least $500 in their escrow accounts. |
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Must have full-time (minimum 30 hours per week) employment for at least one year prior to application. If elderly or disabled, this requirement is waived. |
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Must meet minimum annual income requirement of $16,000.00. Public Assistance income is not included. If elderly or disabled, this requirement is waived. |
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Single-family homes located in the City of Schenectady. |
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Home must comply with Housing Quality Standards (HQS) Regulations. Safety and Code issues must be addressed prior to occupancy. |
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Family must hire and pay for a Certified Structural Inspector to inspect the home. |
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Applicants must complete a SMHA approved “Homeownership Workshop Series” and individual housing counseling for budget and credit issues. |
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All purchase and financing terms must be approved by SMHA. |
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Family must live in the home that they purchase. |
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Family must comply with annual re-certification and information updates as requested by SMHA. |
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ADDITIONAL PROGRAM REQUIREMENTS:
Better Neighborhoods, Inc., City of Schenectady, Community Land Trust of Schenectady, Inc., Egan Realty, Legal Aid Society, SEFCU.
AHP offers a variety of down-payment assistance programs of its own. 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 use HUD income limits. Confirm details and availability with each provider.
For a PDF flyer version click here 
AHP Down-Payment Programs
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Capital Housing Assistance Program
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Individual Development Accounts
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Down-Payment Programs Offered by Others
Including resources available in Albany, Albany County, Schenectady, Troy, Rensselaer County, Saratoga County, Schoharie County and regionally.
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ACLT Home Buyer Choice Program
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Midtown Colleges Homeownership Program
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Home Acquisition Program (HAP)
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Town of Colonie Down Payment Program
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ACRHA Acquisition/Rehabilitation Grant
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In the City of Schenectady
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Schenectady Second Mortgage Program
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Homebuyer Acquisition and Renovation Program (HARP)
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Rensselaer County Housing Resources
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Saratoga County Rural Preservation Company
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Schoharie County Rural Preservation Company
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NYS-OMRDD "Home of Your Own" Down-Payment Assistance
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Federal Home Loan Bank of Pittsburgh "First Front Door"
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