Community Housing Innovations, Inc., through the New York State Affordable Housing Corporation, is offering First-Time Homebuyers assistance to cover down payment and/or closing costs plus rehabilitation expenses.

  • The program is open to qualified applicants purchasing properties within Westchester, Nassau and Suffolk counties.
  • Applications are processed on a first come, first served basis. We process applications in the order received.
  • Properties eligible for assistance through this program are single-family homes, condominiums and co-ops.
  • Participants are required to contribute to the transaction an amount equal to at least 3% of the anticipated purchase price. The contribution may include checking, savings, investments, 401K, and/or gifts. Proof of all assets and documentation of the contribution is required.

CHI’s Renters into Owners program provides qualified homebuyers with grants of up to $25,000 for the purchase of a one-family home, a condominium or a cooperative for owner-occupancy in Westchester or on Long Island.

To qualify, applicants need to:

  1. Meet the definition of a “First-Time Homebuyer”
  2. Attend one of CHI’s Homebuyer Orientations
  3. Qualify for a mortgage
  4. Complete a Homebuyer Education course
  5. Provide at least 3 percent to contribute toward the purchase
  6. Fall below the maximum household income level set by New York State.

Nassau/Suffolk: Renters into Owners Income

Family Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
112% of HUD Low Income Limit $79,475 $90,765 $102,144 $113,434 $122,573 $131,622

Westchester: Renters into Owners Income Requirements

Family Size 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person
112% of HUD Low Income Limit $78,938 $90,227 $101,517 $112,717 $121,766 $130,816

Additional requirements include:

  • A maximum of 49 percent of the grant proceeds can be spent on acquisition costs. These costs may include down-payment and/or closing cost assistance;
  • A minimum of 51 percent of the grant proceeds must be spent on repairs and rehabilitation. The rehabilitation budget is determined by CHI’s designated HUD pre-planner;
  • The grant assistance is in the form of a deferred forgivable loan with no payments that declines over time, secured by a second mortgage lien; and,
  • The owner must occupy the property for 10 years to avoid having to pay back any or all of the assistance. If the recipient were to move out of the property or sell, or in any way violate the terms of his/her mortgage, then all or a portion of the assistance will have to be repaid.

Click here for the Renters into Owners grant guidelines.

For our next free Grant Orientation, click here:

Grant applications for 2020 will be available after January 2, 2020.

Please mail or deliver the completed application with the required documents to:

Homeownership Department
Community Housing Innovation, Inc.
75 S Broadway, Suite 340
White Plains, NY  10601
(914) 683-1010 (for both Long Island and Westchester grants)

CHI requires grant applicants to attend a free Homebuyer Orientation and homebuyer counseling. CHI will also assist applicants in securing a mortgage with participating lenders, including SmartMove NY, a low-interest loan program where buyers may put as little as one percent down toward the purchase price.

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