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Community Housing Innovations Receives New York State Grant to Provide Down Payment Assistance
First Time Homebuyer Grants Available in Westchester County
Contact: Maggie Goldfarb
Director of Development & Communications
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Find out what's happening in White Plainsfor free with the latest updates from Patch.
Community Housing Innovations Receives New York State Grant to Provide Down Payment Assistance
WHITE PLAINS, NY – January 10, 2017 – Community Housing Innovations is looking for first-time homebuyers who need down payment assistance. This month, the New York State Affordable Housing Corporation awarded $440,000 to the nonprofit, and it is now taking applications from qualified homebuyers who wish to buy a home in Westchester County.
CHI also provides homebuyer education and counseling, which is required for the grants.
Since 1997, CHI has been operating its Renters into Owners program, which administers New York State down payment assistance grants averaging $25,000 each for down-payment assistance and home improvements to income-eligible first-time homebuyers. Through this program, CHI has provided over $13 million in down payment assistance grants and free counseling to about 700 families and individuals.
To be eligible, homebuyers must have at least 3% of their own saving to contribute to the down payment or closing costs. For a family of four, income must not exceed 112% of the HUD Low Income Limit of $96,589. Other income requirements may be found at www.chigrants.org. Grant assistance is in the form of a deferred forgivable loan with no payments that declines over time, secured by a second mortgage lien. The owner must occupy the property for 10 years to avoid paying back any of the assistance.
Potential grantees must attend an orientation and complete HUD-certified homebuyer education. Orientations for 2017 are posted on CHI’s website at www.chigrants.org. Registration is accepted through the website.
For more information on Community Housing Innovations’ Homebuyer Assistance Program, call Julie Stern, Senior Manager, Homeownership, at 1-877-HUDCOUNseling or email jstern@communityhousing.org.
