Westchester/Hudson Valley - Grants for First Time Homebuyers

Hudson Valley Home Ownership & Revitalization

Under contract with the New York State Affordable Housing Corporation, CHI is administering over $ 1 million in subsidy to First Time Homebuyers.  Under this program, first-time homebuyers purchasing property in Westchester, Dutchess, Orange, Putman, and Ulster counties can qualify to receive a standard of $25,000 in program funds for acquisition and renovation of an identified property.  The gross household income must be at or below 80% of Area Median Income for the area in which you wish to purchase Maximum Gross Household Income Requirements.  The assistance is in the form of a deferred forgivable loan that has recapture provisions.  The owner must occupy the property for 10 years to avoid having to pay back any or all of the assistance.  A minimum of 51% of the $25,000 must be used for renovation of the property, this means $12,750 or more in repairs.  “Repairs” are defined as those which will prolong the useful life of a home or shall correct structural defects or the repair of basic building systems which threaten the health and safety of the dwelling’s residents if not corrected or repaired.  21B NYCRR 2163.2 (h)(3)(iii).  There are mortgage and down payment restrictions applicable to each county.  See Below

ELIGIBILITY REQUIREMENTS & RESTRICTIONS

Your household income must meet the following income requirements.
Click here to review the Income Requirements.

PURCHASE PRICE LIMITS

• After “all / any” applicable subsidies, Recipient Down Payment and Mortgage must not exceed the figures listed below for the purchase of a single-family home, cooperative and condominium. Currently this program does not support two family homes.

• You must agree to occupy the home as a principal residence.
• You will be required to submit proof of income with recent pay stubs and last two years tax returns and W-2 Forms.
• You will be required to attend a FREE homebuyer seminar and homebuyer counseling.
• Your application will be processed on a first-come, first-served basis. If you meet eligibility requirements, we will assist you in qualifying for a mortgage with participating lenders.

TO APPLY FOR HOME OWNERSHIP ASSISTANCE

Please visit the FREQUENTLY ASKED QUESTIONS ABOUT BUYING A NEW HOME for a list of procedures and to download a free application for home buying assistance.