BCNI Homebuyer Assistance Program (Downpayment Assistance)

BCNI Homebuyer Assistance Program (Downpayment Assistance) is a forgivable loan for homebuyers in Schenectady, New York, administered by Better Community Neighborhoods, Inc. (BCNI). BCNI's Homebuyer Assistance Program helps low-income, first-time homebuyers in the City of Schenectady (and Montgomery County) purchase their first home by providing downpayment and closing cost assistance for up to 10% of the purchase price, with an average grant of about $9,000 depending on the buyer's needs and the home's location. BCNI serves as the Local Program Administrator on behalf of the City of Schenectady and NYS Homes and Community Renewal. Assistance is structured as a forgivable, interest-free grant over a five-year period of affordability; if the buyer sells, moves, or stops occupying the home during that period, a pro-rated portion must be repaid with no interest. Up to 10% of purchase price toward downpayment and closing costs. Average grant ~$9,000. Interest-free (0%). Forgivable over a 5-year affordability period. No repayment if owner-occupancy maintained for 5 years. HUD-certified pre-purchase counseling and referrals. Funding comes from Federal and State funds awarded to BCNI on behalf of the City of Schenectady and NYS Homes and Community Renewal (HCR) (e.g., HOME/CDBG and state housing program funds).

BCNI Homebuyer Assistance Program (Downpayment Assistance) provides assistance worth 10% of the purchase price, as set by the program. The program can be combined with May be combined with referrals to other assistance such as the FHLBNY Homebuyer Dream Program (HDP), SONYMA mortgages, and the NYSAR Housing Opportunities Foundation grant during pre-purchase counseling. Amounts are the program's published maximums, not an offer — Better Community Neighborhoods, Inc. (BCNI) determines any individual award.

BCNI Homebuyer Assistance Program (Downpayment Assistance) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by If the buyer moves, sells the property, or fails to occupy the property as their primary residence during the five-year period of affordability, a pro-rated portion of the grant must be repaid with no interest. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

BCNI Homebuyer Assistance Program (Downpayment Assistance) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through BCNI (HUD-certified housing counseling agency) pre-purchase counseling, or pre-purchase counseling completed at another HUD-Certified Housing Counseling Agency with verification. Must be a first-time homebuyer with household income at or below 80% AMI (HUD income limits). Property must be in the City of Schenectady or Montgomery County, in standard condition, and pass a Certificate of Occupancy inspection, visual lead assessment, and home and asbestos inspection. Buyer must complete pre-purchase counseling through BCNI or another HUD-certified agency. The City of Schenectady also references a separate 'Second Mortgage Program' but that program is not fully detailed on a current official City page; BCNI's program is the actively administered, fully-documented City of Schenectady DPA.

BCNI Homebuyer Assistance Program (Downpayment Assistance) limits household income to 80% of the area median income, which varies by county and household size. Household income must be at or below 80% of Area Median Income (HUD income limits apply). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

BCNI Homebuyer Assistance Program (Downpayment Assistance) can be used for Single Family and 2-4 Unit.

BCNI Homebuyer Assistance Program (Downpayment Assistance) serves homebuyers purchasing in Schenectady, New York.

Applications for BCNI Homebuyer Assistance Program (Downpayment Assistance) go through Better Community Neighborhoods, Inc. (BCNI), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.