Westchester/Hudson Valley - Grants First Time Homebuyers

First Home Club

Community Housing Innovations, in Partnership with Westchester Residential Opportunities, Inc. (WRO). is offering the First Home Club savings account program which offers up to $5,000 in down payment assistance to first time homebuyers. Participants save towards their down payment and/or closing costs and receive matching funds. For every dollar participants save, the participating bank will give a match of three dollars in grant funds, up to a maximum grant of $5,000. To fulfill complete program requirements, participants are required to remain in the program for a minimum of 10 months and are also required to attend financial literacy workshops specifically designed toward the homebuying process. The First Home Club Program is designed to work in conjunction with the grant programs administered by CHI. Participants interested in this program will have to submit a Client Intake Application directly to Westchester Residential Opportunities, Inc. (WRO).

WHAT IS REQUIRED?

A SAVINGS ACCOUNT
Make regular monthly deposits to a dedicated savings account and receive matching funds of $3 for each $1 saved - up to a maximum of $5,000. You need to save $1,667 to receive the full grant of $5,000 (you would then have $6,667 plus interest).

HOME BUYER LITERACY WORKSHOPS
First Home Club members are required to participate in a comprehensive Literacy Workshops provided through Westchester Residential Opportunities, Inc. (WRO). Topics covered during the workshops are:

• Budgeting / Savings
• Role of Real Estate Professionals
• Choosing a Home
• Mortgage Loan Application
• Legal Documentation and Obligations
• Home Maintenance