GRANTS | RESOURCES
RHJF GRANT is LIVE!
“We are pleased to receive the continued support from the Carl E. Touhey Foundation, which allows BBT to play an integral role in the homeownership process for many individuals. To date, through the Restorative Housing Justice Fund, we have been able to create 175 new homebuyers throughout the Capital Region. Over the last 6 months, the buyer challenge in the real estate industry shifted from overpricing to high interest
rates, both making affordability more difficult. The relaunch of the RHJF grant in March 2023, will certainly help some people get over the finish line. And while we are grateful and proud of what we’ve accomplished thus far, we here at BBT are fully aware that the largest impact of such a fund will come from expanding it to other minorities such as Hispanics and engaging the municipality to create a similar fund through the budgeting process. As we compiled the data from the RHJF grant, we were astonished by the economic development impact on the local real estate industry. $1.5 Million in grant funding not only translates to ownership and for many the first steppingstone to wealth, but it has also produced millions in mortgages for lenders throughout the Capital Region.” said Virginia Rawlins, President of Building Blocks Together.
STEPS TO HOME OWNERSHIP
Attend Building Blocks Together Orientation
Briefly learn about Building Blocks Together's history and impact we hope to provide to all communities. You will also learn about what you can expect from the home buying process as well as available resources.
RESTORATIVE HOUSING JUSTICE FUND
The Reparative Housing Justice Fund (RHJF) works to undo historic and systemic racial injustice and inequality in the Capital Region’s housing community. Discriminatory housing policies, such as redlining and exclusionary zoning, and discriminatory practices by banks and realtors have denied Black families access to homeownership.
The Touhey Foundation acknowledges the barriers Black homebuyers face in the market along with the historic and systemic causes and seeks to provide funding to black homebuyers to overcome these barriers.
ARE YOUR ELIGIBLE FOR THE RHJF?
First Time Homebuyer
Identify as Black or
Use of Funds: Down-payment/ closing cost assistance
City of Albany: Up to $10,000
Rest of Capital Region: Up to $5,000
Property must be located in
Albany, NY, Amsterdam, NY
Rensselaer, NY, Schenectady, NY
Troy, NY, Watervliet, NY
SONYMA DPAL Program – In conjunction with a SONYMA loan, receive up to 3% of the purchase price of the home (up to $15,000). In the Capital Region, SONYMA income limits are generous. You may earn up to $97,000 for a 1-2 person household and up to $111,550 for a 3+ person household. Learn more at SONYMA’s website.
SONYMA Neighborhood Revitalization Program – If you plan to purchase a vacant home to own and occupy, SONYMA offers up to $20,000 toward renovations. Eligible homes in the Capital Region to be located in Albany, Rensselaer, Schenectady, Warren or Washington counties. Generous income limits. Visit the SONYMA website for details.
The Give Us Credit Program – This program qualifies eligible first-time homebuyers by expanding the criteria used to evaluate responsible financial management, increasing eligibility to families and individuals who rely on non-traditional savings and sources of income, and by offering greater flexibility for potential borrowers who have overcome past financial hardships. Generous income limits. Visit the SONYMA website for details.
HOMEBUYER GRANT PROGRAMS
ACRHA Acquisition/Rehabilitation Grant
The Albany County Rural Housing Alliance provides first-time buyers with a grant for acquisition and repairs. The award amount depends on amount of repair needed as 51% of the grant funds must be used toward rehabilitation costs.
Eligible areas are throughout Albany County.
For more information on this and other grants offered by the organization, contact ACRHA at (518) 765-2425. Application forms and details are available on ACRHA’s website.
Home Acquisition Program (HAP)
HAP may help you own your dream home by assisting you with down payment, closing costs and/or rehab assistance.
Homeowner Assistance Program (HOAP)
HOAP provides financial assistance to owner-occupied homeowners anywhere in the City of Albany. If you are in need of home improvements--such as new windows, doors, roof, or furnace.
Tenant Assistance Rehabilitation Program (TARP)
provides financial assistance for moderate rehabilitation of vacant or occupied rental units that serve low-income residents. Inquire with ACDA about your eligibility.
HUD income limits* apply.
Contact the Albany Community Development Agency (518) 434-5265 or visit albanyny.gov Check availability.
Town of Colonie Down Payment Program
The Town of Colonie provides $14,000 for down payment and closing costs for the purchase of a single family home in the Town of Colonie, or villages of Colonie or Menands. This is a deferred loan that becomes a grant if you occupy the home for a period of 10 years.
Home must be in good condition at time of purchase and meet HUD Housing Quality Standards (HQS).
HUD income limits apply.
To be placed on their waiting list, contact the Colonie Community Development office at (518) 783-2718 or Colonie.org
Schenectady Second Mortgage Program
The Schenectady Housing Development Fund Corporation provides up to 10% of the purchase price of a home in the city of Schenectady to be used for down payment or closing costs. 75% of the assistance is forgiven after 5 years of owner occupancy. Remainder is repaid with a five year amortization. The property must be in standard condition and pass a Certificate of Occupancy inspection. Some details are:
Income Guidelines HUD income limits apply.
Contact the Schenectady Department of Development, (518) 382-5147.
Schoharie County Rural Preservation Company
Be sure to check availability. Schoharie RPC offers first-time homebuyer grants and/or repair grants through three home purchase assistance programs. Details are:
Applicants must meet income guidelines. Funds can be used for downpayment and closing, and rehabilitation monies to address health and safety hazards in the home.
Call for details, eligibility and availability:
HomeFirst Down Payment Assistance Program
The HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $40,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
For more information, visit HPD's Website