Government > Departments > Development and Planning > Community Development Agency > Homeownership Assistance

Homeownership Assistance

The road to homeownership is quite extensive. From knowing what's on your credit report, and how to fix any problem areas to identifying which mortgage product is right for your current situation, there are many steps involved in purchasing a home.

Homeownership is vital to the success of our neighborhoods. The City has numerous resources to assist you in making the dream of owning your own home a reality.

The Albany Community Development Agency is responsible for administering and distributing community development funds received annually from the U.S. Department of Housing and Urban Development, NYS Affordable Housing grants, City of Albany and other resources. In addition, the office oversees the Mayor's comprehensive new strategies for homeownership in the City, including the opening of a new HomeStore to assist new and existing homeowners to buy and maintain a home. The Albany Community Development Agency is located at 200 Henry Johnson Blvd. The phone number is 434.5240.

The Albany HomeStore, a department within the Albany Community Development Agency, is a centralized, "one-stop" facility that offers credit counseling, budget counseling and pre-purchase counseling and numerous other related services needed to become a successful homeowner in the City of Albany.

Contact: The Albany HomeStore
                 200 Henry Johnson Blvd.
                 Albany, New York 12210
                 Phone Number: (518) 434-5240

Homeowner Assistance Programs:

Listed below you will find a brief description of the main grant, savings and loan programs offered to assist you in purchasing a home in the City of Albany.  The income requirements vary by program, with several programs having NO INCOME RESTRICTIONS.  To view the program guidelines for a specific program click on the name of the program.

Home Acquisition Program (HAP)
HAP provides up to $14,900 for down payment and closing costs assistance. It is a 5-year, interest free, deferred loan for a 1 - 4 unit, owner occupied property within the City of Albany. There are income restrictions. You cannot currently own any other property.

Midtown Colleges Employer Assisted Housing Program (EAH)
Employees of Albany College of Pharmacy, Albany Law School, Albany Medical Center, College of St. Rose, The Sage Colleges, and University at Albany are eligible to receive $5,000 for down payment and closing costs assistance in the form of a five-year forgivable loan towards the purchase of a home within the Midtown Homeownership Zone boundaries. There are NO income restrictions. The home must be owner occupied. You do not need to be a first time homeowner, but can not own any other residential property at the time of closing. The forgivable loan is on a first come first serve basis while funding lasts.

Midtown Citizens Bank Grant Program
The Midtown Homeownership Program provides $5,000 for down payment and closing costs assistance in the form of a five-year forgivable loan for individuals/families purchasing homes within the Midtown Homeownership Zone boundaries. There are NO income restrictions. The home must be owner occupied. You do not need to be a first time homeowner, but can not own any other residential property at the time of closing. You must obtain your first mortgage from Citizens Bank. The forgivable loan is on a first come first serve basis while funding lasts.

Capital District Individual Development Account Program (IDA)
IDA is a savings program where for every dollar that you put into a savings account, the bank will match it with four dollars (up to a maximum of $7500). You must save for a minimum of 10 months and a maximum of 30 months and must be a first time homebuyer. There are income restrictions and specific banks that you must use to participate in the IDA program. The Affordable Housing Partnership manages the IDA savings program.