HOME First Time Home Buyer Grant Program

HOME First Time Home Buyer Grant Program is a grant for homebuyers in Albany County, New York. The Albany County Rural Housing Alliance (ACRHA) HOME First Time Home Buyer Grant Program provides up to $40,000 in down payment, closing cost, and minor rehabilitation assistance to income-qualified first-time buyers purchasing a primary residence in rural/suburban Albany County (excluding the City of Albany). Funded by NYS Homes & Community Renewal HOME and HUD HOME, the assistance is provided as a forgivable grant subject to a 10-year affordability period with pro-rata recapture. Buyers must complete ACRHA's pre-purchase education and one-on-one counseling, and the property must pass HQS inspection. Up to $40,000 in down payment, closing cost, and minor rehabilitation assistance for income-qualified first-time buyers purchasing a primary residence in rural/suburban Albany County (excluding the City of Albany). Funded with NYS HCR HOME and HUD HOME funds. provided as a forgivable grant over a 10-year affordability period. Funding comes from HOME, NYS HCR, Federal, and State.

HOME First Time Home Buyer Grant Program offers up to $30,000 in assistance. Homebuyer contribution: Minimum $1,000 buyer contribution required 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.

HOME First Time Home Buyer Grant Program is structured as a grant, so it is not repaid. 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.

HOME First Time Home Buyer 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: First-time buyer required; standard HUD exceptions for displaced homemakers and single parents apply. On credit, the program states: Minimum 680 FICO required by ACRHA underwriting. A homebuyer education course is required, through Albany County Rural Housing Alliance (HUD-approved counseling agency); pre-purchase education and one-on-one counseling required. Residency requirement: Property must be located in Albany County (excluding 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 located in Albany County excluding the City of Albany (rural/suburban Albany County: Bethlehem, Coeymans, Colonie, Green Island, Guilderland, Knox, New Scotland, Rensselaerville, Watervliet, Westerlo, Berne) and used as principal residence. Maximum purchase price $252,000 per HUD HOME 95% median-value rule. Minimum credit score 680. 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 ACRHA's pre-purchase education and one-on-one counseling. Property must pass HQS inspection. 10-year affordability period; pro-rata recapture if home is sold, transferred, refinanced with cash-out, rented, or no longer owner-occupied.

HOME First Time Home Buyer Grant Program 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.

HOME First Time Home Buyer Grant Program caps the purchase price at $252,000. Eligible property types include Single-family detached, 2-family owner-occupied, Condominium, and Townhouse. New construction is eligible. Manufactured homes are eligible.

HOME First Time Home Buyer Grant Program serves homebuyers purchasing in Albany County, New York.

Applications for HOME First Time Home Buyer Grant Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via ACRHA after pre-purchase counseling completed and purchase contract executed; first-come, first-served subject to fund availability. 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.