Similar to the Homebuyer Incentive Program available in Troy, the Small Cities program offers prospective homebuyers in Rensselaer County grant funding to assist with down payments and closing costs. Eligible applicants do not need to currently live in Rensselear County.
Administered by the RCHR & TRIP NeighborWorks Homeownership Center, Small Cities funding is available to first-time homebuyers with an annual household income at or below 80% of the area median income (80% of the area median income for Rensselaer County is approximately $62,500 for a family of four), and can provide applicants with either $15,000 or $20,000 in down payment and closing cost assistance.
To qualify for the Small Cities Program, applicants must complete a homebuyer education program and be looking to purchase a house anywhere in Rensselaer County (excluding Troy). Funds can be used towards down payments, closing costs, and/or to reduce the mortgage amounts to make the purchase affordable for the homebuyer.
If the benefits of this program sound like something that you or someone you know might be interested in, the first step is to attend a Homebuyer Orientation session. More information can also be found on the TRIP website:www.triponline.org/buy/down_payment_closing.html.