City of Troy's Homebuyer Incentive Program (HIP)

City of Troy's Homebuyer Incentive Program (HIP) is a deferred second loan for homebuyers in Troy, New York. The City of Troy's Homebuyer Incentive Program (HIP), administered by TRIP & RCHR NeighborWorks HomeOwnership Center (a partnership between Troy Rehabilitation & Improvement Program and Rensselaer County Housing Resources), provides up to $14,999 in down payment, closing cost, and minor rehabilitation assistance to income-qualified first-time buyers purchasing a 1-2 family primary residence within the City of Troy. Funded by NYS HCR HOME and HUD HOME, the assistance is structured as a 0% interest deferred forgivable second mortgage with pro-rata forgiveness over a 10-year affordability period. The maximum is held at $14,999 to remain below HUD HOME federal labor-standards triggers. Up to $14,999 in down payment, closing cost, and minor rehabilitation assistance for income-qualified first-time buyers purchasing a 1-2 family primary residence within the City of Troy. Funded by NYS HCR HOME and HUD HOME via TRIP & RCHR NeighborWorks HomeOwnership Center. structured as a 0% interest deferred forgivable second mortgage over a 10-year affordability period. Funding comes from HOME, NYS HCR, NeighborWorks, Federal, State, and Local Government.

City of Troy's Homebuyer Incentive Program (HIP) is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro-rata recapture of unforgiven balance if borrower sells, transfers, refinances with cash-out, rents, or vacates within 10 years. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Troy's Homebuyer Incentive Program (HIP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer required; standard HUD exceptions for displaced homemakers and single parents apply. On credit, the program states: No fixed minimum published; per first-mortgage product (typically 620+ conventional, 580+ FHA). A homebuyer education course is required, through TRIP & RCHR NeighborWorks HomeOwnership Center (HUD-approved counseling agency); pre-purchase education and one-on-one counseling required. Residency requirement: Property must be located within the City of Troy and used as borrower's principal residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME and first-mortgage rules. First-time buyer required (no homeownership in past 3 years). Property must be a 1-2 family home located within the City of Troy and used as principal residence. Income at or below 80% AMI for Albany-Schenectady-Troy MSA: 1-person $66,000 to 4-person $124,450 (HUD FY2025). Buyer must complete TRIP/RCHR HUD-approved homebuyer education and one-on-one counseling. Property must pass HQS inspection and meet HUD HOME/lead-paint standards. 0% interest deferred forgivable second mortgage with pro-rata forgiveness over 10 years; loan amount kept at $14,999 to avoid HUD HOME triggering full federal labor-standards (Davis-Bacon) requirements. Due in full if borrower sells, transfers, refinances with cash-out, rents, or vacates within 10 years.

City of Troy's Homebuyer Incentive Program (HIP) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% HUD AMI for Albany-Schenectady-Troy MSA: 1-person ~$66,000 to 4-person ~$124,450 (HUD FY2025). 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.

City of Troy's Homebuyer Incentive Program (HIP) caps the purchase price as follows: Per HUD HOME 95% median-value rule for Albany-Schenectady-Troy MSA. Eligible property types include Single-family detached and 2-family owner-occupied. New construction is eligible. Manufactured homes are not eligible.

City of Troy's Homebuyer Incentive Program (HIP) serves homebuyers purchasing in Troy, New York.

Applications for City of Troy's Homebuyer Incentive Program (HIP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via TRIP & RCHR NeighborWorks HomeOwnership Center after pre-purchase counseling completed and purchase contract executed; first-come, first-served subject to fund availability. 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.