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.

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

First Time Homebuyer Grant Program is forgiven after 10 years, so a homebuyer 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.

First Time Homebuyer Grant Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must not have owned any residential real estate in the previous 3 years (per HUD HOME first-time homebuyer definition); displaced homemakers and single parents may qualify. On credit, the program states: No published minimum FICO; underwriting follows the buyer's first-mortgage product through a CHI Participating Lender. A homebuyer education course is required, 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. Residency requirement: Property must be located within CHI's service area (Westchester, Rockland, Putnam, Nassau, Suffolk, and select Hudson Valley communities) and be the buyer's primary residence for the 10-year affordability period. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME rules and CHI Participating Lender underwriting. Buyer must be a first-time homebuyer (no ownership of residential real estate in previous 3 years), occupy the home as primary residence for the 10-year affordability period, and contribute at least 3% of the purchase price from their own funds. Household income limits are 80% HUD AMI for the property's MSA, ranging from approximately $65,604 (1-person, lower-AMI counties) up to $198,586 (large household, higher-AMI counties such as Nassau/Suffolk and Westchester). Buyer must complete CHI's free Grant Orientation, complete HUD-approved homebuyer education through eHomeAmerica or CHI in-person classes, and qualify for a mortgage through a CHI Participating Lender. Property must be a 1-family, condo, or co-op for owner-occupancy located within CHI's service area (Westchester, Rockland, Putnam, Nassau, Suffolk, and select Hudson Valley communities). Funds are subject to availability; approximately $1 million in down-payment-assistance and rehab grants are awarded annually.

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.

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.

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

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. 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. 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.