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Down Payment Assistance

First Time HomeBuyer Assistance

There is still no way to buy a house with “no money” out of pocket but there is help for some of it!

City of Troy’s Homebuyer Incentive Program (HIP):

TRIP’s HomeOwnership Center administers federal HOME funds for the city of Troy, available to income-eligible first-time homebuyers for downpayment and/or closing cost assistance in the amounts of $25,000 & $30,000.

This program helps to promote homeownership in Troy for low income homebuyers. Eligible applicants must have an annual household taxable income at the time of application (and purchase) under 80% of the HUD area median income.

HUD Income Limits apply

Applicants cannot have a purchase contract on a home at the time of application.

Interested in Applying?

Get started by attending one of our upcoming Homebuyer Orientations.
Visit Compass to Begin Your Path Toward Homeownership

Homebuyer DREAM Program (HDP):

This is a newer and competitive program created and regulated by the Federal Home Loan Bank of New York. Grant amounts of up to $9,500 and are offered through 9 participating local lenders. New to 2021* Each participating lender will have limited slots and will distribute them through their individual processes.  Check back with TRIP and the lenders for more information spring 2021.  *There is no guarantee of funds until you receive a commitment letter.

To be eligible you must:

  • Complete a homebuyer counseling and education program
  • Be a first-time homebuyer
  • Meet household income guidelines based on where you purchase
  • Work a minimum of 32 hours a week
  • Purchase a home in New York, New Jersey, Puerto Rico or the US Virgin Islands
  • Purchase an eligible property: 1-4 family; condominiums; co-operatives; or a manufactured home permanently affixed to a foundation
  • Be under contract to purchase a home at time of application
  • Have personal savings of $1,000
  • Own and occupy the home for 5 years.

2020 Area Median Income in Albany, Rensselaer, Saratoga and Schenectady Counties:

Household of 1 or 2 – $71,920;

Household of 3 or more – $82,708

  • Lenders:
    • Capital Communications Federal Credit Union
    • Community Resource Federal Credit Union
    • First New York FCU
    • M&T Bank
    • NBT Bank
    • Saratoga National Bank / Glens Falls National Bank 
    • SEFCU
    • Sunmark Federal Credit Union

Interested in Applying?

Get started by attending one of our upcoming Homebuyer Orientations.
Visit Compass to Begin Your Path Towards Homeownership

Down Payment Help Around the Capital Region: 

State of New York Mortgage Agency (SONYMA)
SONYMA has loan programs for first-time homebuyers purchasing in New York State.

Homebuyers who use a SONYMA loan to purchase their first home can take advantage of their Downpayment Assistance Loan (DPAL). DPAL offers funds to cover 3% of the home purchase price or $3,000 (whichever is higher, up to a maximum of $15,000).

TRIP’s Homebuyer Program can be used to meet Homebuyer Education Criteria.

Click here for more information. Then visit Compass to begin your path towards homeownership.

SONYMA Neighborhood Revitalization Program
With the Neighborhood Revitalization program from SONYMA, qualified buyers who are looking to purchase a vacant property may be eligible to receive up to $20,000 to renovate a qualified 1-4 unit home in Albany, Rensselaer, Schenectady, Warren or Washington counties. This opportunity can be combined with other down payment programs and SONYMA loans and has income limits up to 150% HUD Area Median Income guidelines. Review the SONYMA website for more information.

Albany County Rural Housing Alliance (ACRHA)
ACRHA has programs for first time homebuyers purchasing in Albany County.

TRIP’s Homebuyer Program can be used to meet Homebuyer Education Criteria.

Homes purchased in the more rural areas of Albany County take precedence over homes purchased in more Urban Areas. Contact ACRHA for more information. Check availability.

City of Albany Home Acquisition Program (HAP)
When funds are available, the Albany Community Development Agency provides up to $10,000 (5% of the purchase price) in deferred loans for eligible costs of acquiring and repairing a 1-4 unit owner-occupied homes throughout the city of Albany.

TRIP’s Homebuyer Program can be used to meet Homebuyer Education Criteria.

HUD Income Limits apply. Contact the Albany Community Development Agency (518) 434-5265 or visit

Town of Colonie Down Payment Program
Depending on funding availability, the Town of Colonie provides downpayment and closing costs for the purchase of a single family home within the town of Colonie, village of Colonie and village of Menands.

TRIP’s Homebuyer Program can be used to meet the Homebuyer Education Criteria.

HUD Income Limits apply.  Contact the Town of Colonie for more information

City of Schenectady H.O.M.E.S. (Home Ownership Made Easy in Schenectady)
The City of Schenectady has properties for sale through their Land Bank Program, as well as their “Second Mortgage Program” which provides a low interest loan of up to 10% (max $10,000) of the purchase price of a property to use toward down payment and/or closing costs. 75% of the assistance is converted into a grant if the purchaser resides in the property for five years.

TRIP’s Homebuyer Program can be used to meet the Homebuyer Education Criteria.

HUD income limits apply.

Contact the Schenectady Department of Development, (518) 382-5147, for more information

NYS Association of REALTORS® Housing Opportunities Foundation
NYSAR’s Housing Opportunity Foundation offers $2,000 gifts to assist income-eligible owner-occupants with the purchase of a home throughout New York State.

Visit The Community Foundation for the Greater Capital Region, Inc. for more information.  Click here for guidelines and application (PDF). Additional details are:

  • Applicant income must be less than 110% of the SONYMA Low Interest Rate Program income limits.

HUD’s Definition of First-Time Homebuyer:

A first-time homebuyer, based upon the U.S. Department of Housing and Urban Development (HUD) definition, is an individual who meets any of the following criteria:

  • An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
  • A single parent who has only owned a principal residence with a former spouse while married.
  • An individual who is a displaced homemaker and has only owned a principal residence with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes and that cannot be brought into compliance for less than the cost of constructing a permanent structure.

Troy Rehabilitation &
Improvement Program (TRIP), Inc.

Main Office & Rental Office

3rd Floor
415 River Street
Troy, NY 12180
(518) 272-8289
(518) 272-1950

Rensselaer County
Housing Resources (RCHR), Inc.

TRIP & RCHR NeighborWorks
HomeOwnership Center

1st Floor
409 River Street
Troy, NY 12180
(518) 690-0020
(518) 690-0025

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