New program developed to attract first time home buyers to downtown Cohoes
COHOES — The Cohoes Local Development Corporation is launching a first time home buyers program with the main goal of encouraging home ownership in the Spindle City’s downtown area.
The Board of the CLDC has approved up to $60,000 of funding for this new program. Grants of up to $5,000 will be made available to individuals who meet the U.S. Department of Housing and Urban Development’s definition of a first-time home buyer, officials said.
The target population for the program is the lower income census tracts in the area. To qualify, an applicant cannot make more than 112 percent of the median income in Albany County; for example, in order to qualify, a family of 3 cannot make more than $81,984.
The program also will assist with owner occupied buildings and will allow up to two additional income apartments.
The CLDC also hopes to form a partnership with the Albany County Rural Housing Alliance so that qualified applicants also have the opportunity to obtain funding to make certain repairs to their homes.
ACRHA also offers a first time home buyers course which not only helps prospective new buyers learn about the home buying process but also provides guidance to people who may need to repair their credit ratings in order to qualify. The new home owner must stay in the property for 10 years before the grant is forgiven.
The CLDC grants can be used towards either a down payment or closing costs. The applicant will have to secure an approved mortgage loan in order to receive the assistance.
Applications are available at the CLDC office at 97 Mohawk Street or can be downloaded at from the CLDC web site www.cohoesldc.org.
If you are selling or buying a home call or text me, JEFFREY HORN today at (518)465-8091. I will help you through this sales process. Jeffrey.Horn@ColdwellBankerPrime.com
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