Buying a home is obviously a huge financial commitment, but for those who think they could never afford homeownership, take a look at the First Home Club:
The Capital District Individual Development Account Program was organized by local housing counseling agencies to assist working households to build wealth through homeownership.
- Receive $4 for every $1 saved, up to $7,500 toward the purchase of your first home. Need to save $1,875 to receive the maximum match of $7,500.
- Save for a minimum of 10 months up to a maximum of 24 months
- Use your savings and the matching funds for the down payment and closing costs associated with your home purchase. Save the maximum, you will have $9,375 ($1,875 of your savings plus $7,500 matching funds) toward your purchase.
- You can purchase a home anywhere your bank lends.
- The home is to be owner occupied for at least five years, or some of the funds may need to be repaid.
- You must open a dedicated savings account at a participating institution.
- First Niagara Bank
- M&T Bank
- Pioneer Savings
- Capital Communications FCU
- NBT Bank
- Glens Falls National Bank* (Only in Northern Rensselaer & Albany Counties)
- First time homebuyers
- Earn less than the following amounts:
- $61,600 if you are a 1 or 2 person household
- $70,800 if you are a household of three or more people