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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) 279-7149.
| Who
Is Eligible For H.I.P? |
| Eligible
applicants must have an annual household income
at the time
of application and of closing at or below 80% of the
median. Current HUD income guidelines for annual
household
income
at 80% of the median are as follows: |
Household Size
1
2
3
4
5
6
|
80% of
Median Income
$42,300
$48,350
$54,400
$60,400
$65,250
$70,100
|
| 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:
- $15,000 to households from 71-80% of MSA median
income.
- $25,000 to households from 61-70% of MSA
median income.
- $35,000 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 a balance
of at least $1,000 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 and achieve lead clearance 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.
|
| Resale
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
- transfer of the title to the property, 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, and
- The property must be cleared of any Lead Based Paint findings.
PLEASE NOTE:
- 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.
- A structural inspection of the subject property is strongly advised. The structural inspection and the expenses incurred will be the responsibility of the applicant.
- If the property is located in a flood zone, there is a required 30-day public notice period before a closing can take place. It is also required that the homeowner purchase flood insurance on the property.
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