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Home Acquisition Program (HAP)

Albany, New York

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Assistance

$15,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$474,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is Home Acquisition Program (HAP)?

Home Acquisition Program (HAP) is a deferred second loan for homebuyers in Albany, New York.

  • The Home Acquisition Program (HAP), administered by the Albany Community Development Agency (ACDA), provides up to $30,000 in down payment and closing cost assistance to income-qualified first-time homebuyers purchasing a 1-2 family home or condominium within the City of Albany. Funded with HUD HOME and CDBG, the assistance is structured as a 0% interest deferred second mortgage forgivable pro-rata over 10 years of continued owner-occupancy. Buyers must complete HUD-approved homebuyer education and the property must pass HQS inspection and meet HUD HOME and lead-paint compliance standards.
  • Up to $30,000 in down payment and closing cost assistance for income-qualified first-time buyers purchasing a primary residence in the City of Albany. Funded with HUD HOME and CDBG.
  • structured as a 0% interest deferred second-lien loan, forgivable over 10 years contingent on continued owner-occupancy.
  • Funding comes from HOME, CDBG, Federal, and Local Government.

How much assistance does it provide?

Home Acquisition Program (HAP) offers up to $15,000 in assistance.

  • Buyer contribution: Buyer must contribute minimum $1,000 or 1% of purchase price (whichever is greater) per HUD HOME standard.
  • 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?

Home Acquisition Program (HAP) is forgiven after 5 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?

Home Acquisition Program (HAP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: First-time buyer required; standard HUD exceptions for displaced homemakers and single parents apply.
  • The home is occupied as a primary residence
  • On credit: No fixed minimum published; per first-mortgage product (typically 620+ conventional, 580+ FHA)
  • A completed homebuyer education course, through Affordable Housing Partnership of the Capital Region (HUD-approved); ACRHA; United Tenants of Albany
  • Residency: Property must be located in the City of Albany 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 or condominium located in the City of Albany and used as principal residence. Maximum purchase price $247,000 (existing) to $474,000 (new construction) per HUD HOME 95% median-value rule. Income at or below 80% AMI for Albany-Schenectady-Troy MSA: 1-person $66,000 to 4-person $124,450 (rounded HUD FY2025). Buyer must complete HUD-approved homebuyer education. Property must pass HQS inspection and meet HUD HOME/lead-paint standards. 0% interest deferred second mortgage forgivable pro-rata over 10 years; due in full if borrower sells, transfers, refinances with cash-out, rents, or vacates within 10 years.

The program excludes

  • Manufactured homes
  • Purchases above the $474,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home Acquisition Program (HAP) 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?

Home Acquisition Program (HAP) caps the purchase price at $474,000.

  • Eligible property types include Single-family detached, 2-family owner-occupied, and Condominium.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Home Acquisition Program (HAP) serves buyers purchasing in Albany, New York.

How do you apply?

Applications for Home Acquisition Program (HAP) go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Affordable Housing Partnership of the Capital Region (HUD-approved); ACRHA; United Tenants of Albany.

  2. Contact the administering agency to reserve funds

    Funds are reserved through Apply via Albany CDA Department of Community Development after executing purchase contract; first-come, first-served subject to fund availability., and are subject to availability.

  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.

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