City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program is a forgivable loan for homebuyers in Buffalo, New York, administered by Buffalo Urban Renewal Agency (BURA) / City of Buffalo Office of Strategic Planning; intake via UDCDA, Matt Urban Human Services, Belmont Housing Resources, Buffalo Urban League. The City of Buffalo provides first-time homebuyers funds toward down payment and closing costs to purchase a 1-2 family or vacant home in the City of Buffalo. Funds are provided as a 0% interest deferred, forgivable conditional grant that must be repaid in full if the home is sold or vacated within the 5-year regulatory period. Funded by City of Buffalo Owner Occupied Housing Assistance Programs through NYS HCR/Affordable Housing Corporation (AHC), the City of Buffalo Mayor's Office of Strategic Planning, and BURA. Up to $15,000 toward down payment and closing costs (0% interest, deferred, forgivable after 5 years). Funding comes from NYS HCR/Affordable Housing Corporation (AHC); City of Buffalo; Buffalo Urban Renewal Agency (BURA).

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program offers up to $15,000 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 — Buffalo Urban Renewal Agency (BURA) / City of Buffalo Office of Strategic Planning; intake via UDCDA, Matt Urban Human Services, Belmont Housing Resources, Buffalo Urban League determines any individual award.

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Repaid in full if home is sold or vacated within 5 years of purchase. The assistance is recorded in subordinate position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program 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 Belmont Housing Resources WNY; Buffalo Urban League. Residency requirement: Property must be in the City of Buffalo. Income must fall between 50%-80% of HUD income guidelines. Home must be in generally good condition with no major housing code violations or lead-based paint hazards. The Matt Urban Center CHDO offers a related access point with up to $5,000 (single-family). Exact 4-person income limit, max purchase price, and credit/DTI thresholds not published on the program page (HUD income guidelines apply by family size).

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program limits household income to 80% of the area median income, which varies by county and household size. 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.

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program can be used for single_family, two_family, and vacant_home.

City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program serves homebuyers purchasing in Buffalo, New York.

Applications for City of Buffalo First-Time Homebuyer Down Payment and Closing Cost Assistance Program go through Buffalo Urban Renewal Agency (BURA) / City of Buffalo Office of Strategic Planning; intake via UDCDA, Matt Urban Human Services, Belmont Housing Resources, Buffalo Urban League, 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.