First Time Homebuyer Grant Program

What is First Time Homebuyer Grant Program?

First Time Homebuyer Grant Program is a forgivable loan for homebuyers in Multiple County, New York.

• Community Housing Innovations (CHI) is a HUD-approved nonprofit housing counseling agency, founded in 1991, with offices in Westchester, Nassau, and Suffolk Counties. CHI awards approximately $1 million annually in down-payment-assistance and rehabilitation grants/forgivable loans to first-time homebuyers across its multi-county service area (Westchester, Rockland, Putnam, Nassau, Suffolk, and Hudson Valley). Grants typically range from $25,000-$35,000 (with smaller First Home Club savings-match grants up to $5,000 also available). Funds can be used toward down payment, closing costs, and (under the Hudson Valley Home Ownership and Revitalization track) acquisition + renovation. Buyers must complete CHI's free Grant Orientation, attend HUD-approved homebuyer education, and contribute at least 3% of the purchase price from their own funds. Loans are forgiven over a 10-year affordability period.
• Grants and forgivable loans of $25,000-$35,000 to qualified first-time homebuyers purchasing a one-family home, condominium, or cooperative for owner-occupancy in CHI's service area (Westchester, Rockland, Putnam, Nassau, Suffolk - and select Hudson Valley communities). Funds may be used for down payment, closing costs, and (under the Hudson Valley Home Ownership and Revitalization track) acquisition + renovation. Loans are forgiven over a 10-year affordability period if the buyer continues to occupy the property as primary residence.
• sales, transfers, or loss of owner-occupancy during the period trigger recapture.
• Funding comes from HOME, State Housing Finance Agency, Federal, and Private.

How much assistance does it provide?

First Time Homebuyer Grant Program offers up to $60,000 in assistance.

• Buyer contribution: Minimum 3% of purchase price from buyer's own funds (proof of funds required at application).
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

First Time Homebuyer Grant Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgivable loan over 10-year affordability period and if recipient sells, transfers, refinances with cash-out, or ceases to occupy the home as primary residence during the 10-year period, the unforgiven balance is recaptured by CHI.
• 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?

First Time Homebuyer Grant Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Homebuyer Grant Program limits household income to 60% of the area median income, which varies by county and household size.

• Household income must be at or below 80% HUD Area Median Income for the property's MSA. Limits vary by county and household size, ranging from approximately $65,604 (1-person, lower-AMI counties) up to $198,586 (8-person household in higher-AMI counties such as Nassau-Suffolk or Westchester). Current limits published by HUD annually.
• 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?

First Time Homebuyer Grant Program caps the purchase price as follows: Maximum purchase price determined per individual program track and HUD HOME 95%-of-median rule for the property's county; varies by program (Westchester, Hudson Valley, or Long Island).

• Eligible property types include Single-family detached, Condominium, and Cooperative.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First Time Homebuyer Grant Program serves buyers purchasing in Multiple County, New York.

How do you apply?

Applications for First Time Homebuyer Grant Program 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 Community Housing Innovations (CHI) - HUD-approved housing counseling agency; eHomeAmerica online + in-person 8-hour homebuyer education course; mandatory CHI Grant Orientation prior to grant application..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Rolling intake; first-come, first-served subject to annual funding availability. Applicant must attend a Grant Orientation, complete the intake application (2025 Grant Application form), and submit documentation through CHI before being placed under contract., 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.