HOME Program
The
New York State HOME Program is administered by the New York State Housing
Trust Fund Corporation (HTFC). The program uses federal HOME Investment
Partnership Program funds to expand the supply of decent, safe, and affordable
housing within the State.
The HOME Program funds a variety of activities
through partnerships with counties, towns, cities, villages, private developers,
and community-based non-profit housing organizations. The program provides funds
to acquire, rehabilitate, or construct housing, or to provide assistance to
low-income home-buyers and renters. Funds must be distributed in accordance with
needs and priorities identified in the State's Consolidated Plan.
Income Eligibility
HOME Program funds may only be used to assist
households with incomes at or below 80 percent of area median income. Rental
projects must primarily serve households with incomes at or below 60 percent of
area median income.
Funding Limitations
HOME Program funds may be used to pay for
acquisition, rehabilitation, construction, and certain related soft costs. Funds
may also be used for relocation costs, tenant-based rental assistance, down
payment and closing costs, and some administrative and planning costs, subject
to limitations set forth in the federal regulations. Funds may only be used for
residential housing. There are restrictions on the use of HOME funds for
properties assisted by certain other federal programs.
Margert's First HOME Program funds are used to
provide a first time homebuyer purchase assistance subsidy, in the form of a
deferred payment (forgivable) loan. You must live in your new home for a
minimum of 10 years to avoid HOME program recapture provisions.
While program guidelines are thoroughly reviewed within our HOME education
and counseling program, we welcome prospective applicants to review the NYS DHCR
Local Program Administrators (LPA)
HOME Program Monitoring Guide for more complete information.
The MCC 2007 First HOME program is designed as homeownership purchase
assistance without rehabilitation. Eligible activities include down
payment and closing costs assistance.
Eligible HOME recipients must be residents of
New York State able to provide proof of residency.
To qualify for our HOME program, you must
complete a homebuyer education course taught by
Margert Community Corporation.
HOME awards may not exceed $ 30,000.
Our 2007 HOME program has set aside two units for veteran first time homebuyers,
two units for elderly first time homebuyers, and two units for first time
homebuyers with physical disabilities.
Apply for Margert's First HOME program.
View, download or print Margert's First HOME
Program
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