Monroe County First-Time Homebuyer Direct Subsidy Program

Monroe County First-Time Homebuyer Direct Subsidy Program is a deferred second loan for homebuyers in Monroe County, New York, administered by Monroe County Department of Planning and Development, Community Development Division (with The Housing Council at PathStone). A HOME-funded direct subsidy administered by Monroe County's Community Development Division providing closing cost and down payment assistance to income-eligible first-time homebuyers purchasing in suburban Monroe County (excluding the City of Rochester). The subsidy is a conditional grant up to $10,000 secured by a Note and Mortgage with a Declaration of Restrictive Covenant, with HOME resale/recapture provisions and a 10- or 15-year affordability/owner-occupancy period. Up to $10,000 toward down payment and closing costs. 0% interest, no monthly payments. Reduces upfront cost of buying an eligible single-family home. Funding comes from Federal HOME funds via the Monroe County HOME Consortium.

Monroe County First-Time Homebuyer Direct Subsidy Program offers up to $10,000 in assistance. Award tiers: 30%-70% AMI: 100% of down payment + closing costs plus 10% of sale price (max $10,000). 71%-80% AMI: 100% of DP+CC plus 5% of sale price (max $10,000). Amounts are the program's published maximums, not an offer — Monroe County Department of Planning and Development, Community Development Division (with The Housing Council at PathStone) determines any individual award.

Monroe County First-Time Homebuyer Direct Subsidy Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, voluntary title transfer, rental, bankruptcy, foreclosure, or ceasing to occupy as principal residence during the Affordable Housing Period (10 or 15 years depending on HOME investment). The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Monroe County First-Time Homebuyer Direct Subsidy Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through The Housing Council at PathStone; ABVI Goodwill of the Finger Lakes; Lifespan of Greater Rochester. Residency requirement: Must occupy as principal residence (defined as residing at the property any consecutive nine months each year) during the 10- or 15-year Affordable Housing Period. Confirmed from Monroe County 2024 Annual Action Plan: conditional grant up to $10,000, AMI-tiered, HOME resale/recapture, 10/15-yr affordability secured by Note/Mortgage/Declaration. Lien position inferred as second from the Note-and-Mortgage structure.

Monroe County First-Time Homebuyer Direct Subsidy Program limits household income to 80% of the area median income, which varies by county and household size. Low- to moderate-income first-time homebuyers up to 80% of Area Median Income; subsidy tiered by AMI band (30-70% vs 71-80%). 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.

Monroe County First-Time Homebuyer Direct Subsidy Program can be used for Single Family.

Monroe County First-Time Homebuyer Direct Subsidy Program serves homebuyers purchasing in Monroe County, New York.

Applications for Monroe County First-Time Homebuyer Direct Subsidy Program go through Monroe County Department of Planning and Development, Community Development Division (with The Housing Council at PathStone), which publishes the current terms and the application steps on its own site. 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.