Rensselaer County Housing Resources Small Cities Homebuyer Program

What is Rensselaer County Housing Resources Small Cities Homebuyer Program?

Rensselaer County Housing Resources Small Cities Homebuyer Program is a forgivable loan for homebuyers in Troy, New York, administered by Rensselaer County Housing Resources (RCHR), Inc. / TRIP & RCHR NeighborWorks HomeOwnership Center.

• The Rensselaer County Housing Resources (RCHR) Small Cities Homebuyer Program provides up to $20,000 in down payment and closing cost assistance to income-eligible first-time homebuyers purchasing anywhere in Rensselaer County except the City of Troy. Funded through NYS Small Cities CDBG federal funds, this is a forgivable loan secured by a 10-year lien that is satisfied if the buyer remains in the home for the full term. Buyers must complete TRIP & RCHR homebuyer education and counseling prior to receiving assistance.
• Up to $20,000 DPA.
• County-wide coverage (excl. City of Troy).
• 10-year forgivable lien.
• Stackable with other programs.
• NeighborWorks-affiliated counseling.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from NYS Small Cities CDBG (Community Development Block Grant) federal HOME funds administered through Rensselaer County.

How much assistance does it provide?

Rensselaer County Housing Resources Small Cities Homebuyer Program offers up to $20,000 in assistance.

• Buyer contribution: Minimum $1,500 in savings at time of application; applicant cannot be under purchase contract at time of 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 — Rensselaer County Housing Resources (RCHR), Inc. / TRIP & RCHR NeighborWorks HomeOwnership Center determines any individual award.

Do you have to pay it back?

Rensselaer County Housing Resources Small Cities Homebuyer Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, or failure to owner-occupy within 10-year enforcement period.
• 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.

Who qualifies?

Rensselaer County Housing Resources Small Cities Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Rensselaer County Housing Resources Small Cities Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size.

• 80% of HUD Area Median Income for Albany-Schenectady-Troy MSA (Rensselaer County limits).
• 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.

What kind of home can it be used for?

Rensselaer County Housing Resources Small Cities Homebuyer Program caps the purchase price as follows: Property must pass HUD Housing Quality Standards (HQS) inspection and be in standard/good condition at time of purchase.

• Eligible property types include Single Family.
• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

Rensselaer County Housing Resources Small Cities Homebuyer Program is a federal program, so it is not limited to New York.

How do you apply?

Applications for Rensselaer County Housing Resources Small Cities Homebuyer Program go through Rensselaer County Housing Resources (RCHR), Inc. / TRIP & RCHR NeighborWorks HomeOwnership Center, 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 TRIP & RCHR NeighborWorks HomeOwnership Center.

2. 2

   Contact Rensselaer County Housing Resources (RCHR), Inc. / TRIP & RCHR NeighborWorks HomeOwnership Center to reserve funds

   Funds are reserved with the provider 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.