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Down Payment Assistance and Grants
CXHE has access to 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 Capital Region. Many (though not all) of these programs use HUD income limits. Confirm details and availability with each provider.
AHP Down-Payment Programs
In the City of Albany
AHP Down-Payment Programs
- First 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. It is available throughout the Capital Region. Visit our matched savings page for details and income limits. Get started by attending a 'Homebuyer 101' orientation workshop.
- Buyer's Choice Program - You find the house and make it yours! Up to $20,000 in down-payment assistance PLUS up to $20,000 in necessary repairs. This program is available on one-family homes anywhere in the City of Albany. You must be a first-time homebuyer or have not owned a home in the past three years. Household must meet HUD income guidelines. For more information:
- CDTA Transit Incentives - Two-years of free transit passes for new homeowners. Try it. You'll like it! Download information here (PDF).
- Comprehensive Home Energy Assessments - Save money and make your home more comfortable and energy efficient. Visit our Energy Assessment page for details.
In the City of Albany
- Home Acquisition Program (HAP) - When funds are available, the Albany Community Development Agency provides up to $14,900 in deferred loans to acquire and repair 1-4 unit owner-occupied homes throughout the City of Albany. Often combined with the City’s lead paint abatement program. HUD income limits* apply. Contact the Albany Community Development Agency (518) 434-5240 or visithttp://www.albanyny.gov Funds are limited. Check availability.
- Town of Colonie Down Payment 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. This is a deferred loan that becomes a grant if you occupy the home for a period of 10 years. Details are:
- ACRHA Acquisition/Rehabilitation Grant - The Albany County Rural Housing Alliance provides first-time buyers with a grant for acquisition and repairs. The award amount depends on amount of repair needed as 51% of the grant funds must be used toward rehabilitation costs; the maximum award is a $40,000 grant.
- Eligible areas are throughout Albany County.
- For more information on this and other grants offered by the organization, contact ACRHA at (518) 765-2425. Application forms and details are available on ACRHA's website.
- Schenectady 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 of the assistance is forgiven after five years of owner occupancy. Remainder is repaid with a five year amortization. The property mus be in standard condition and pass a Certificate of Occupancy inspection. Some details are:
- City of Troy "HIP" Program - Check availability of the Homeownership Incentive Program. When funds are available, it offers $15,000-20,000 in down payment assistance to owner-occupant purchasers. Grant amounts are based on household income. Grants require TRIP home ownership training and are available throughout the City of Troy. Additional details are:
- Rensselaer County Housing Resources - RCHR offers "Small Cities" money up to $20,000 towards a home purchase, anywhere in Rensselaer county except the City of Troy. 1-4 unit owner-occupied homes are eligible. Homes must be in good condition at the time of purchase and pass a HUD "Housing Quality Standards" (HQS) inspection. Income limits are 80% of HUD median income.
- Contact the TRIP Home Ownership enter at (518) 690-0020 or visit TRIP's website for details.
- Schoharie County Rural Preservation Company - Be sure to check availability. Schoharie RPC offers first-time home buy grants and/or repair grants though three home purchase assistance programs. Details are:
- Applicants must meet income guidelines. Funds can be use for down payment and closing, and rehabilitation monies to address health and safety hazards in the home.
- Call for details, eligibility and availability: (518) 234-7604.
- NYS Association of REALTORS® Housing Opportunities Foundation - NYSAR's Housing Opportunity Foundation offers $2,000 gifts to assist income- eligible owner-occupants with the purchase of a home throughout New York State. Click here for guidelines and application (PDF). Additional details are: