Low-income residents or owners of properties housing low-income persons may get grants from New York state.
There are various grants for low-income residents in New York state and also for owners of buildings that provide housing for low-income residents. There are also grants for those who are not low income. Grants for both income groups exist in various parts of the state. The grant amount can vary and may provide housing for people in rural or urban areas.
AHC Grant
The New Affordable Housing Corporation (AHC) provides the Affordable Homeownership Development Program. This program gives grants to charities, not-for-profits and government agencies to build housing for moderate and low-income individuals and families. The housing may be rehabilitated, acquired or improved by these groups. Organizations which may apply include city housing authorities, charities, as previously mentioned and housing development fund companies. For one to be eligible to live in the home provided through the grant funding, he must make between 100 percent to 166 percent of the Housing and Urban Development Income limits. Grants may be between $35,000 per unit to $40,000 per unit if the housing is located in a high-cost area or is a project of the U.S. Department of Agriculture Rural Development Service loans.
Tri-County Housing Grants
For residents of Steuben, Chemung and Schuyler counties in New York, there are housing grants which are provided as well. To be eligible you must be a first-time home buyer purchasing an existing home in Chemung, Schuyler or Steuben counties and you must be able to pay $500 for a down payment at minimum, although you should have $1,000. Applicants also must be able to get a mortgage and your debt to income ratio cannot exceed 41percent. Among other requirements, you must also have an income that is at a certain level to qualify you for the grant. In Steuben and Schuyler counties, this is $31,000 for an individual and in Chemung county it is $32,050 for an individual. There are also income limits for families of various sizes as well.
Grants total between $4,000 to $10,000. The grant becomes a second mortgage at 0 percent interest rate for five years and is forgiven after you live in the home for 5 years.
Buying a house in Albany
A homeowner can get up to $40,000 of grant money to purchase or repair a home in Albany, New York. There are income limits for this program as well. Your income cannot exceed 80 percent of the median income in the city of Albany. In other words, it must be no more than $42,300 if you are an individual and no more than $48,350 for a household of two people. For a household of five people, the income can be no more than $65,250 to qualify. Additionally, homeowners must plan to buy a home in Albany and qualify for a traditional mortgage with a fixed interest rate or one within normal market rates for a participating loan provider. The home that you choose needs to be approved by the Community Land Trust which provides the grants.
Tags: more than, cannot exceed, Chemung Schuyler, home Albany, housing low-income
