Rural Housing Alliance in Albany County Unveils Acquisition Grant
The Albany County Rural Housing Alliance Acquisition (ACRHA) presents a valuable opportunity for residents to receive financial assistance through the ACRHA Acquisition/Rehabilitation Grant. This program is specifically designed to support the purchase and subsequent repair of homes, making homeownership more accessible and sustainable for individuals and families in the area.
Available Assistance: The assistance provided by the ACRHA comes in the form of a forgivable loan. This unique financial aid is tailored to help with both the acquisition and rehabilitation of a residential property. To ensure a balanced use of funds, 51 percent of the grant must be allocated toward the rehabilitation and repair of the purchased home. The remaining 49 percent is designated for covering the down payment and/or closing costs associated with the home purchase. The exact amount of assistance each applicant receives is determined on a case-by-case basis, taking into account the specific needs and circumstances of each application.
Eligibility Requirements: To qualify for the ACRHA Acquisition/Rehabilitation Grant, applicants must fulfill several criteria. The program is open exclusively to first-time homebuyers whose annual household income adheres to the limits set by the U.S. Department of Housing and Urban Development (HUD), which vary based on household size. Additionally, applicants are required to complete an approved homeownership education course and adhere to certain asset limits.
Prospective applicants must demonstrate that they are “mortgage ready.” This involves either paying for a credit report or engaging in a credit repair program if necessary. They must also pre-qualify for a mortgage with a fixed and fair interest rate. A personal contribution of at least $1,500 towards the home purchase is mandatory, and applicants are required to sign a note for up to 10 years.
Property Guidelines: The program has specific guidelines regarding the type of property that can be purchased. The home must be the applicant’s primary residence and can be either an existing single- or two-family residential home within the targeted area. Mobile homes are not eligible under this program. However, priority is given to applicants currently residing in mobile homes who wish to purchase a stick-built home. The property must require moderate rehabilitation and must pass an inspection by a licensed New York State home inspector. Additionally, it must meet the appraisal criteria set by the mortgage lender.
In summary, the ACRHA Acquisition/Rehabilitation Grant offers a comprehensive package of financial assistance to first-time homebuyers in Albany County. By providing a forgivable loan for home purchase and rehabilitation, the program aims to make homeownership more attainable and sustainable. With its specific eligibility requirements and property guidelines, the program ensures that assistance is directed to those who are most in need and ready for the responsibilities of homeownership.
