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ACRHA Acquisition/Rehabilitation Grant

New York

Available Assistance

Assistance comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs. The amount of assistance granted is determined on a case-by-case basis.

Eligibility Requirements

In order to be considered eligible for the ACRHA Acquisition/Rehabilitation Grant, all applicants must meet certain requirements. The program is only available to first-time homebuyers whose annual household income falls within the HUDโ€™s limits, based on household size. They are also required to complete an approved, homeownership education course, and meet asset limits. Potential applicants must be "mortgage ready;" they must pay for a credit report, or begin a credit repair program if necessary, and must pre-qualify for a mortgage with a fixed and fair interest rate. All applicants must contribute at least $1,500 from their own personal funds toward the home purchase, and sign a note for up to 10 years.

Property Guidelines

Any home being purchased must serve as the applicant's primary residence. Eligible property types include existing, single- or two-family residential homes in the stated target area. Mobile homes are not eligible, however, applicants currently residing in a mobile home wishing to purchase a stick-built home will be given priority. The property must be in need of moderate rehabilitation and then be inspected by an NYS licensed home inspector. It must also meet appraisal criteria for the mortgage lender.

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