The Acquisition and Rehabilitation Program provides first time home buyers with funding to apply toward down payment and closing costs, as well as moderate rehabilitation of the home after Closing.  The amount an applicant may be awarded is determined by the cost of the home and the amount of rehabilitation that is needed.   Eligibility requirements include: Income at or below 80% of the area median income as dictated by HUD Home to be purchased must be a pre-existing home located in the target area (Berne, Knox, Westerlo, New Scotland, Rensselaerville, Coeymans, Altamont, Cohoes, and Green Island) Home to be purchased must pass inspection by a NYS certified home inspector Applicant must complete an approved homebuyer education course (see Homebuyer Education for additional information) At least 51% of the funds awarded must be used toward rehabilitation.  The remaining amount may be used toward down payment and closing costs. Applicants currently residing in mobile homes may be given priority Please Note: A Note and Mortgage will be required for the program listed above and a lien will be placed on the property for up to 10 years, unless otherwise specified.

To apply for the Acquisition and Rehabilitation Program, you will need to download the forms below, fill out the application, asset list, budget, and credit report request form and mail them to our main office, along with the qualifying documents.  You will also need to register for an approved homebuyer education course and set up a one-on-one counseling session with one of our Housing Counselors. Please note: Some of the items may need to be updated, depending on length of time your purchase process takes. Acq/Rehab Program Cover Sheet Acq/Rehab Program Application Acq/Rehab Program docs list Asset List Income Guidelines Chart