Town of Colonie First Time Homebuyer Program

What is Town of Colonie First Time Homebuyer Program?

Town of Colonie First Time Homebuyer Program is a deferred second loan for homebuyers in Colonie, New York, administered by Town of Colonie Community Development Department.

• The Town of Colonie First Time Homebuyer Program provides a HUD HOME-funded subsidy (up to $14,000) toward down payment and closing costs for homes in the Town of Colonie, Village of Colonie, and Village of Menands, via the Colonie-Schenectady-Troy HOME Consortium. The subsidy is a deferred loan that becomes a grant after 10 years of owner-occupancy and must be repaid if the participant does not own and occupy the home for the HUD-mandated period.
• Up to $14,000 subsidy.
• Forgivable after 10 years of owner-occupancy.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD HOME Investment Partnerships Program via the Colonie-Schenectady-Troy HOME Consortium.

How much assistance does it provide?

Town of Colonie First Time Homebuyer Program offers up to $14,000 in assistance.

• Buyer contribution: Must have a savings account with an average balance of $1,500; responsible for costs above the subsidy.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Town of Colonie Community Development Department determines any individual award.

Do you have to pay it back?

Town of Colonie First Time Homebuyer Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Subsidy (deferred loan) repaid if participant does not own/occupy as principal residence for the HUD-mandated period; becomes a grant after 10 years.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Town of Colonie First Time 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?

Town of Colonie First Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size.

• Household gross income cannot exceed 80% of AMI. By size (1-8): $66,000 / $75,400 / $84,850 / $94,250 / $101,800 / $109,350 / $116,900 / $124,450.
• 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?

Town of Colonie First Time Homebuyer Program can be used for Single Family, Condo, and Townhouse.

• New construction is not eligible.

Where does it apply?

Town of Colonie First Time Homebuyer Program is a federal program, so it is not limited to New York.

How do you apply?

Applications for Town of Colonie First Time Homebuyer Program go through Town of Colonie Community Development Department, which publishes the current terms and the application steps on its own site.

1. 1

   Contact Town of Colonie Community Development Department to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   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.