City of Troy's Homebuyer Incentive Program (HIP)

What is 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.

Do you have to pay it back?

City of Troy's Homebuyer Incentive Program (HIP) is forgiven after 10 years, so a buyer 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.

Who qualifies?

City of Troy's Homebuyer Incentive Program (HIP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through TRIP & RCHR NeighborWorks HomeOwnership Center (HUD-approved counseling agency); pre-purchase education and one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   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., 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.