CHI First-Time Homebuyer Grant Program (SMART MOVE NY)

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) is a forgivable loan for homebuyers in Yonkers, New York, administered by Community Housing Innovations, Inc. (CHI). Community Housing Innovations, Inc. (CHI), a HUD-certified nonprofit serving Westchester County (including the City of Yonkers), administers a First-Time Homebuyer Grant Program funded through the NYS Affordable Housing Corporation and the NYS HOME Program. Income-qualified first-time buyers receive up to $60,000 (tiered by AMI) toward down payment, closing costs, and rehabilitation. The assistance is a forgivable (silent) second-mortgage lien forgiven 20% per year over 5 years. The companion SMART MOVE NY low-interest DPA loan provides up to 20% of the purchase price. Buyers must contribute at least 3% of their own funds, attend CHI's orientation, complete HUD-approved homebuyer education, occupy the home as their principal residence, and finance through a CHI participating lender. Up to $60,000 in grant assistance. Forgivable silent second lien (20%/year, fully forgiven after 5 years). Funds usable for down payment, closing costs, and rehabilitation. SMART MOVE NY low-interest loan up to 20% of purchase price. Free homebuyer orientation, HUD education, and counseling. Funding comes from U.S. HUD HOME Investment Partnerships Program (NYS HOME Program) and NYS Affordable Housing Corporation (AHC) Home Ownership and Revitalization Program / SONYMA.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) offers between $32,500 and $60,000 in assistance. Award tiers: Grant amount tiered by household income vs. AMI: $60,000 (up to 60% AMI), $50,000 (up to 80% AMI), $40,000 (up to 90% AMI), $32,500 (up to 110% AMI). Homebuyer contribution: Minimum 3% of the purchase price from the applicant's own funds (documented savings, 401K, or gifts); not from other grant programs. The program can be combined with Other DPA sources noted on application (e.g., FHLBNY Homebuyer Dream Program grant, LIHP, CDC); applicant must disclose other grant assistance. Amounts are the program's published maximums, not an offer — Community Housing Innovations, Inc. (CHI) determines any individual award.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance, or failure to occupy as principal residence before the 5-year silent second lien is fully forgiven; lien forgiven at 20% per year. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Applicant, co-applicants, and non-borrowing spouses must all be first-time homebuyers (no ownership of a home in the last 3 years). A homebuyer education course is required, through Community Housing Innovations, Inc. (HUD-certified counseling agency) - free Homebuyer Grant Orientation plus HUD-approved homebuyer education course. Residency requirement: Grant recipient must occupy the purchased home as principal residence for the duration of the grant; monitored annually. Program serves Westchester County broadly (includes City of Yonkers); CHI's page does not publish a Yonkers-city-specific carve-out or a maximum purchase price, so max_purchase_price is omitted. Applicant may NOT already be in contract. City of Yonkers' own HOME Program is a developer/nonprofit block grant (not a direct individual-homebuyer DPA), so the Westchester/CHI program was documented per the fallback instruction.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) limits household income to 110% of the area median income, which varies by county and household size. Westchester County 2025-2026 maximum gross household income by family size and AMI tier. 4-person limits: $102,000 (60% AMI), $136,000 (80% AMI), $152,320 (90% AMI), $186,320 (110% AMI). Limits scale by household size 1-6. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 6. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) can be used for Single Family, Condo, and Co-op. New construction is not eligible.

CHI First-Time Homebuyer Grant Program (SMART MOVE NY) serves homebuyers purchasing in Yonkers, New York.

Applications for CHI First-Time Homebuyer Grant Program (SMART MOVE NY) go through Community Housing Innovations, Inc. (CHI), 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.