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Do you need help to purchase
a new two or one family home? You
may be eligible to receive funds through the
City
of
Troy's
Homeowners Incentive Program (H.I.P).
If you have any questions regarding this program, please
contact
the
Department of Housing and Community Development
at (518) 270-4476.
| Who
Is Eligible For H.I.P? |
| Eligible
applicants must have an annual household income
at the time
of application and of closing under 80% of the
median. Current HUD income guidelines for annual
household
income
under 80% of the median are as follows: |
Household Size
1
2
3
4
5
6
7
8
|
80% of
Median Income
$39,550
$45,200
$50,850
$56,500
$61,000
$65,550
$70,050
$74,600
|
| Grant
Amount |
The amount of the
grant will be determined according to the grantee
household's percent of area median income. All
grants are secured by a note and morgage for
a 10 year affordability period. Grantees will
be responsible for securing private financing
for the balance of the acquisition cost. Grant
amounts are as follows:
- $12,500 to households from 71-80% of MSA median
income.
- $15,000 to households from 61-70% of MSA
median income.
- $20,000 to households at or below 60% of
MSA median income.
|
| Homebuyer
Requirements |
- The grant can be used for the purchase of either
a one or two family home.
- The purchaser of the household must use the
property as its principal residence.
- The property must remain 'affordable' for 10
years.
- Requirements 2 and 3 above must be recorded
in the deed of the property.
- Applicant must be income eligible at the time
of closing.
- The purchaser must complete Home Buyers' certification
educational program.
- The purchaser must have an average balance
of $750 at time of grant commitment.
- The purchaser may not be delinquent in payment
to more than one creditor at the time of grant
commitment.
- The purchaser must obtain a written bank mortgage
loan pre-qualification.
- The property must be code compliant before
occupancy.
|
| Eligible
Costs |
Assistance provided
for the purchase of the property will be in the
form of a deferred payment, loan, and depending
on the financial status of the prospective homebuyer,
may:
- provide all or a portion of the required
down payment of the mortgage;
- provide all or a portion of the mortgage
closing costs; and
- make up the difference between the purchase
price of the home and the sales price that
would be affordable to the homebuyer.
|
| Recapture
Provisions |
Repayment of the
loan is deferred for the affordability term unless
the following conditions occur:
- the sale of the property before the end
of the affordability term, or
- failure of the grantee to maintain residency
in the property receiving assistance.
If any of the above conditions occur, the
full amount of the assistance, plus interest,
shall be due and payable.
|
| Property
Standards |
- At the time of occupancy, the property must
be free from any defects that would pose a danger
to the health or safety of the occupants, and
- The property must meet HQS standards and local
code standards. Exceptions will be made for properties
undergoing rehabilitation work through special
bank financing programs or the City rehab program.
PLEASE NOTE:
- If an FHA mortgage is used to acquire the property,
the recapture period is thirty years (may be
less if loan is paid off in less than thirty
years).
- If the grant is used for the purchase of a
newly constructed home, the recapture period
is twenty years.
- If no bank financing is used,
the buyer will be required to obtain title
insurance, NYS certified
appraisal, and a full code inspection.
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