Mayor Madden Announces Available Homeownership Assistance Program for City of Troy

Mayor Madden Announces Available Homeownership Assistance Program for City of Troy

FOR IMMEDIATE RELEASE | JULY 27, 2017
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Mayor Madden Announces Available Homeownership Assistance Program for City of Troy

Grant Funding Available to Income-Eligible First-Time Homebuyers through Federal HOME Program

Mayor Madden: Financial Assistance Provided Through HOME Program Widens Path to Homeownership for Families Across Troy

TROY, NY – As part of the administration’s ongoing efforts to expand opportunities for homeownership in the Collar City, Mayor Patrick Madden today announced the City of Troy is partnering with Troy Rehabilitation and Improvement Program (TRIP) to offer federal financial assistance for income-eligible homebuyers to purchase their first home. The Homebuyers Incentive Program, funded through the U.S. Department of Housing and Urban Development’s (HUD) HOME program and administered by TRIP, offers grant assistance to low- and moderate-income homebuyers for down payment and/or closing costs in the amounts of $15,000 and $20,000 (based on eligibility).

Mayor Patrick Madden said “Homeownership is a critical component of building strong, healthy communities and neighborhoods. The financial assistance provided through the HOME program by our federal and local partners widens the path for families across Troy seeking the American dream: owning a home. By publicizing this valuable program, we hope to encourage more residents to apply for available grant funding and support the continued growth and vibrancy of the City of Troy.”

To qualify, applicants must have an annual household taxable income at the time of application (and purchase) at or under 80% of the HUD area median income as shown below:

Household Size / 80% of Median Income
1 / $46,550
2 / $53,200
3 / $59,850
4 / $66,500
5 / $71,850

Individuals interested in applying for the Homebuyers Incentive Program should contact the City of Troy’s Department of Housing and Community Development at (518) 279-7149, or visit the TRIP website at www.triponline.org

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MEDIA CONTACT:
John Salka, Deputy Director of Public Information
[email protected] / (518) 279-7131