CHI has been awarded a new down payment Assistance / Rehab grant for $440,000 from NY State’s Affordable Housing Corporation (AHC) to continue its First-Time Homebuyer Grant Program. CHI’s Homeownership Department expects to provide approximately 10 to 15 grants to prospective homebuyers in Westchester County with these funds.
CHI has offered down payment assistance grants since 1997 and has made the dream of homeownership a reality for over 750 households. With this new grant award, CHI now has funding available for first-time homebuyers who hope to purchase a home in Westchester County and on Long Island. The proceeds of the grants, which average $26,000 per household, are used partially for down payment assistance, with a minimum of 51% of the grant required to be applied to rehabilitation costs.
If an individual or family is interested in securing a homebuyer grant, the first step is to sign up for and attend a Free Homebuyer Orientation Seminar. With the advent of the coronavirus pandemic and social distancing requirements, orientations are now being offered on-line in a webinar setting. To sign up for an orientation, click here. Once you have attended an orientation session and have determined that you are ready to move forward, you will need to secure a Homebuyer Certificate. This entails taking a HUD-approved prepurchase homebuyer education course and receiving one-on-one counseling from a HUD-approved housing counseling program, such as CHI’s. CHI offers an on-line education program through eHome America (click here for eHome registration and then click on eHome America logo). The entire process of securing a CHI down payment/rehab grant, including maximum and minimum income requirements, is discussed in the Homebuyer Orientation Seminar.
CHI expects its new AHC funding to be available for execution in the next few weeks. This is great timing, as CHI’s Homeownership Department has allocated all current grant funds to prospective homebuyers, and the last client funded by the current contract is ready to close. The new funds will be put to use right away for new clients in contract or looking for properties to purchase.