Home Improvement Grants –NYS

According to investopedia, a government grant is a financial award given by the federal, state, or local government authority for a beneficial project of some sort. It is effectively a gift; it does not include technical assistance or other financial assistance, such as a loan or loan guarantee, and the grantee is not expected to repay the money. Grants are like the free seeds from a fruit bearing tree. There are plenty laying around and all you have to do is pick up the ones that will work for you.

First Home Club Matched Savings Program / Home Buyer Dream Program

The First Home Club Matched Savings Program aims to help individuals with down payment assistance. The program is a matched savings plan from the Federal Home Loan Bank of New York (FHLB). This means that for every dollar you save with a participating bank, the FHLB will match 1 to 4. This must be a systematic savings plan. A systematic savings is no different from a disciplined plant watering schedule. Too much of it will cause an imbalance and discomfort in the living situation. Water (or save) on a schedule to keep a good life-health balance.

The participating banks are M&T Bank, HSBC, & Valley National. You must also receive your mortgage from this bank and you have two years to purchase a home from the date of opening the bank account. In order to apply, you must meet the below eligibility requirements:

• Two years history of full time work
• Income Max 101k for two in L.I./ 86k for 2 in NYC boroughs
• Be a first time home buyer (meaning you haven’t purchased a home in the last three years)
• Reside and agree to purchase a home in NYC, New Jersey, Puerto Rico, Virgin Islands
• Purchase an eligible property type: 1-4 family, condominium, cooperative, manufactured home fixated to the ground
• Be enrolled in the program through a club member
• Meet the income guidelines at the time of enrollment with a total household income of 80% or less of the area median income for their current place of residence, adjusted for family size, as determined under , Mortgage Revenue Bonds (“MRB”), as published by a State agency or instrumentality.
• Completion of home ownership counseling program

 

The Albany County Rural Housing Alliance Acquisition (ACRHA)/ Acquisition Rehabilitation Grant

This grant program assists with the down payment, closing costs, and repairs of the home. Up to $40,000 grant for acquisition and repairs. First time home buyers only. Eligible throughout the Albany county. At least 51% of grant funds must be used towards rehabilitation costs. Have you ever walked into your local plant store and purchased a dying plant in order to nurse it back to health? This particular grant is for the all around fixer-upper. Find the perfect type, look, or breed and then fix it up. See eligibility requirements below:

• Household income must be at or below 112% AMI.
• Income limitation: 2 people 69,850k
• Single family or multifamily
• Home must be in a livable condition prior to rehab
• Property must be located in Albany county (outside the city)
• Must serve as the applicant’s primary residence.

 

NYSAR Housing Opportunities Foundation, Inc.

New York State’s NYSAR Housing Opportunities Foundation, Inc. offers qualifying home buyers help to purchase a home via the Housing Opportunities Foundation Individual Grant, designed to assist with closing costs and/or down payments.  A gift of $2,000 is awarded to qualifying home buyers to help cover down payments and closing costs normally associated with purchasing a home.  Two thousand dollars is one drop of water in the ocean when it comes to funding your first time home purchase. Have you ever tried to germinate your seeds without water? –every drop counts!  See eligibility requirements below:

• Income limitation varies (in sum 108,720k for a two person household)
• Multifamily must be a purchase price of 755,50 – 922,840 for a two family
• Applicants must be first-time home buyers as defined by The State of New York Mortgage Agency (SONYMA)
• Investors are not eligible
• Must be primary residence
• Realtors representing themselves in their own home buying transaction are ineligible

Honorable Mention

Home Fix – (Forgivable Loan)

The HomeFix program provides a comprehensive place-based approach to addressing homeowner repair needs and other assistance. The New York City Department of Housing and Preservation Development program provides access to affordable low- or no-interest and potentially forgivable loans for home repairs to eligible owners of one- to four-family homes in the five boroughs. The loan terms may vary from low- or no-interest to fully amortizing from zero to five percent interest, with favorable loan terms for low-income and senior households. https://www.homefixnyc.org/overview

• Loan amount is 60k for one unit and 90k for a two unit multifamily
• Not own a second property within a 100-mile radius of New York City
• Have a household income that is no more than 165% Area Median Income (AMI) — Two people/150k
• Must be primary residence