COMPANY NAME

First Time Home Buyer Program

Q. Am I an eligible applicant?

A. A first-time home buyer is defined as a person who has never owned a home, or:

• Has not owned a home in three years; or
• Has owned a home with a spouse, but has since separated from that spouse and will be purchasing a home for the first time on their own.

Q. Are there income requirements?

A. Yes, based on your household size there is a maximum income level.

Q. What type of homes will I be able to purchase with this assistance?

A. Single family home, condo, co-op, as well as new construction

Q. What is the Arbor Hill Service Area?

A. For the purpose of this program, the Arbor Hill Development Corporation service area is bounded on the south by Central & Washington Avenues; Tivoli Street to the North; the Hudson River to the East; and, Henry Johnson Boulevard to the west.  New Constructions will be on First, Second and Third Streets between Ten Broeck and North Lark Streets.

Q. With home buyer assistance, what is provided?

A. A home in Arbor Hill will provide up to:

• $23,000 in deferred loans that can be applied towards down payment and closing costs for new constructions and existing homes;
• $25,000 for rehabilitation assistance when purchasing an existing single family home.
  • Credit Counseling & Credit Repair Services
  • Home-buyer education
  • Home maintenance workshops
  • Application assistance & support through the purchase process
  • Referrals to lenders, contractors, other services
  • Post-purchase support
  • Neighborhood Association membership
  • Bus Passes (2yrs)

Q. What will the homes scheduled to be built look like?

A. Click here for an artist rendering.

Q. Is there a neighborhood association?

A. Yes, the Arbor Hill Association meets the fourth Monday of every month at 6pm. The North Albany Neighborhood Association meets bi-monthly at 7pm.

Q. How do I apply for assistance?

A. Please fill out this application and return to the address listed on the application.