Community Housing Innovations, Inc., through the New York State Affordable Housing Corporation, is offering First-Time Homebuyers assistance to cover down payment and/or closing costs plus rehabilitation expenses. The program is open to qualified applicants purchasing properties within Westchester, Nassau and Suffolk counties. Applications are processed on a first come, first served basis. We process applications in the order received.
Properties eligible for assistance through this program are single-family homes, condominiums and co-ops. Participants are required to contribute to the transaction an amount equal to at least 3% of the anticipated purchase price. The contribution may include checking, savings, investments, 401K, and/or gifts. Proof of all assets and documentation of the contribution is required. CHI’s Renters into Owners program provides qualified homebuyers with grants of up to $25,000 for the purchase of a one-family home, a condominium or a cooperative for owner-occupancy in Westchester or on Long Island.
To qualify, applicants need to: Meet the definition of a “First-Time Homebuyer” Attend one of CHI’s Homebuyer Orientations Qualify for a mortgage Complete a Homebuyer Education course Provide at least 3 percent to contribute toward the purchase Fall below the maximum household income level set by New York State. Nassau/Suffolk: Renters into Owners Income Family Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 112% of HUD Low Income Limit $69,530 $79,475 $89,421 $99,277 $107,251 $115,226 Westchester: Renters into Owners Income Requirements Family Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 112% of HUD Low Income Limit $69,888 $79,923 $89,869 $99,814 $107,878 $115,853 Additional requirements include: A maximum of 49 percent of the grant proceeds can be spent on acquisition costs.
These costs may include down-payment and/or closing cost assistance; A minimum of 51 percent of the grant proceeds must be spent on repairs and rehabilitation. The rehabilitation budget is determined by CHI’s designated HUD pre-planner; The grant assistance is in the form of a deferred forgivable loan with no payments that declines over time, secured by a second mortgage lien; and, The owner must occupy the property for 10 years to avoid having to pay back any or all of the assistance.
If the recipient were to move out of the property or sell, or in any way violate the terms of his/her mortgage, then all or a portion of the assistance will have to be repaid. Click here for the Renters into Owners grant guidelines. Also review our Renters into Owners 2015 flyer (In English), or (In Spanish). For our next free Grant Orientation, click here: http://chigrants.org/free-homebuyer-orientation/ Click here for an applicant intake.
Please mail or deliver the completed application with the required documents to: Homeownership DepartmentCommunity Housing Innovation, Inc.75 S Broadway, Suite 340White Plains, NY 10601(914) 683-1010 (for both Long Island and Westchester grants) CHI requires grant applicants to attend a free Homebuyer Orientation and homebuyer counseling. CHI will also assist applicants in securing a mortgage with participating lenders, including SmartMove NY, a low-interest loan program where buyers may put as little as one percent down toward the purchase price.
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There are some excellent programs available for first time home buyers moving into the Twin Cities. When applying to first time home buyer programs through either Minneapolis or Saint Paul, the most important thing to know is that you must not have owned a home in the last three years. Most first time home buyer programs, whether they’re from the city, county, or state, are issued on a first-come, first-served basis.
Funds may run out. This first opportunity you can reserve funds is upon an accepted purchase agreement. Additionally, when the cities re-issue new funds for the programs, the rates or parameters could change. Check out the programs listed by city that are available for first time home buyers.