CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program

What is CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program is a forgivable loan for homebuyers in Jamestown, New York, administered by Chautauqua Home Rehabilitation & Improvement Corporation (CHRIC).

• In partnership with the City of Jamestown, CHRIC provides up to $4,000 in down payment and closing cost assistance to income-eligible first-time homebuyers purchasing an existing single-family home in the City of Jamestown. Assistance is provided as a forgivable grant with a 5-year lien placed on the property per City of Jamestown funding policy. Funds are disbursed directly to the buyer's attorney at closing. Application is first-come, first-served.
• Up to $4,000 down payment and closing cost assistance.
• 5-year forgivable lien.
• First-come, first-served availability.
• Bilingual counseling (English and Spanish).
• HUD-certified housing counseling included.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from City of Jamestown HOME/CDBG funds.

How much assistance does it provide?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program offers up to $4,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Chautauqua Home Rehabilitation & Improvement Corporation (CHRIC) determines any individual award.

Do you have to pay it back?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, or failure to occupy as primary residence within 5-year lien period.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% of AMI; 1-person $49,600, 2-person $56,650, 3-person $63,750, 4-person $70,800, 5-person $76,500, 6-person $82,150, 7-person $87,800, and 8-person $93,500.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program can be used for Single Family.

• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program is a federal program, so it is not limited to New York.

How do you apply?

Applications for CHRIC / City of Jamestown Down Payment and Closing Cost Assistance Program go through Chautauqua Home Rehabilitation & Improvement Corporation (CHRIC), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CHRIC 8-hour First Time Homebuyer Education Class (in-person or online via eHomeAmerica).

2. 2

   Contact Chautauqua Home Rehabilitation & Improvement Corporation (CHRIC) to reserve funds

   Funds are reserved through First-come, first-served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.