Providing first-time homebuyers with opportunities for success is the backbone of the TRIP NeighborWorks HomeOwnership Center, and the foundation of the Homebuyer Incentive Program (HIP). HIP funding, administered through the City of Troy, is available to first-time homebuyers with an annual household income at or below 80% of the area median income (which is $62,500 for a family of four) and can provide eligible applicants with either $15,000 or $20,000.
To qualify for a HIP grant, applicants must be looking to purchase a one or two family house in the City of Troy. Funds can be used towards down payments, closing costs, and/or to make up any difference between the purchase price and the sale price that would be affordable for the homebuyer. If HIP sounds like a program that you or someone you know might be interested in, the first step is to attend a Homebuyer Orientation session. A schedule of upcoming workshops can be found at http://www.triponline.org.
More information about HIP can also be found at http://www.triponline.org/buy/down_payment_closing.html#HIP.