Cortland Housing Assistance Council First-Time Homebuyers Program

What is Cortland Housing Assistance Council First-Time Homebuyers Program?

Cortland Housing Assistance Council First-Time Homebuyers Program is a grant for homebuyers in Cortland County, New York, administered by Cortland Housing Assistance Council, Inc. (with Empire Development Corporation).

• Cortland Housing Assistance Council, Inc. and Empire Development Corporation, using New York State Affordable Housing Corporation (AHC) Affordable Home-Ownership Program funds, offer subsidies to eligible first-time homebuyers to reduce closing costs and to fund post-purchase rehabilitation. Eligible properties are single-family homes located within Cortland County that require some updating or improvements. Housing counseling is provided to all eligible applicants.
• Closing-cost subsidy plus post-purchase rehabilitation funding for income-eligible first-time buyers of single-family homes in Cortland County.
• Free housing counseling.
• Funding comes from NYS Affordable Housing Corporation (AHC) Affordable Home-Ownership Program funds awarded to Cortland Housing Assistance Council and Empire Development Corporation.

Do you have to pay it back?

Cortland Housing Assistance Council First-Time Homebuyers Program is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Cortland Housing Assistance Council First-Time Homebuyers Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Cortland Housing Assistance Council First-Time Homebuyers Program sets its income limit as follows: Applicants must meet AHC income guidelines (not published on the program page).

• 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.

What kind of home can it be used for?

Cortland Housing Assistance Council First-Time Homebuyers Program caps the purchase price as follows: Only single-family homes are eligible; the structure must require some updating or improvements (rehabilitation is a component of the subsidy).

• Eligible property types include Single Family.

Where does it apply?

Cortland Housing Assistance Council First-Time Homebuyers Program serves buyers purchasing in Cortland County, New York.

How do you apply?

Applications for Cortland Housing Assistance Council First-Time Homebuyers Program go through Cortland Housing Assistance Council, Inc. (with Empire Development Corporation), 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 Housing counseling (pre-purchase and budget counseling) provided by Cortland Housing Assistance Council.

2. 2

   Contact Cortland Housing Assistance Council, Inc. (with Empire Development Corporation) to reserve funds

   Funds are reserved through Housing counseling (pre-purchase and budget) provided to all eligible applicants; applicants must meet income guidelines, 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.