Housing Opportunities Foundation by NY State Association of Realtors
The New York State Association of Realtors (NYSAR) Housing Opportunities Foundation, Inc. has established a significant initiative to support homebuyers in New York State. The Housing Opportunities Foundation Individual Grant is specifically designed to assist with the financial burdens of closing costs and down payments, crucial hurdles in the homebuying process.
Available Assistance: This program offers a grant of $2,000 to eligible homebuyers, which does not require repayment. It is aimed at low to moderate-income families within New York State, providing them with essential financial support. This grant can be used to cover the typical expenses associated with purchasing a home, such as down payments and closing costs. However, it is important to note that if the home purchase closes before the grant is awarded, the applicant becomes ineligible for this assistance. Once approved by the Foundation, the grant funds are available for 120 days.
Eligibility Requirements: To qualify for this grant, applicants must meet specific criteria. They must be first-time homebuyers, as defined by The State of New York Mortgage Agency (SONYMA). This definition excludes individuals who have had ownership interests in a primary residence within the three years leading up to their application. Additionally, those who own vacation or investment properties are not eligible for this grant. Income-wise, applicants must not exceed 110% of the SONYMA Low-Interest Rate Program’s target income limit for their county. Another key requirement is that applicants must be working with a realtor to purchase their home. However, obtaining a SONYMA home loan is not a prerequisite for receiving this grant. It’s also important to note that realtors who are representing themselves in their own homebuying transactions are not eligible for this grant.
Property Guidelines: The property being purchased must be intended as the applicant’s primary residence. Furthermore, the purchase price of the home must not exceed 110% of the SONYMA Low Interest Rate Program’s target purchase price limit for the county in which the applicant resides. This ensures that the program remains focused on assisting those purchasing reasonably priced homes within their means.
In summary, the NYSAR Housing Opportunities Foundation Individual Grant offers a valuable opportunity for first-time homebuyers in New York State who are facing financial challenges. By providing a $2,000 grant to assist with down payments and closing costs, the program aims to make homeownership more accessible to low and moderate-income families. The grant, coupled with its specific eligibility and property guidelines, ensures that assistance is directed to those who need it most, facilitating a smoother path to homeownership for many New Yorkers.
