Home Ownership Assistance Program

Snow Belt Housing Company, Inc. received its first homebuyer grant award in 1996 from the North Country HOME Consortium. A total of $106,000 in federal HOME Investment Partnership Program funds were awarded to Snow Belt to provide five first-time homebuyers with grant funds of up to $20,000. These funds were to be used for down payment, closing costs and minimal repairs. Six first-time homebuyer grants were awarded to income-eligible applicants with only two applicants using the maximum HOME subsidy of $20,000. Bank financing accounted for approximately 66% of total project costs.

Since then Snow Belt has received three additional first-time homebuyer awards totaling $577,000 under the federal HOME Program administered by the North Country HOME Consortium and the NYS Division of Housing and Community Renewal, and three additional first-time homebuyer awards totaling $1.2 million dollars under the New York Community Development Block Grant Program.

Under Snow Belt's program guidelines applicants may receive a grant up to a maximum of $25,000 to be used for down payment, closing costs and minimal repairs to purchase an existing single-family stick built home (modulars are not eligible). All properties must meet HUD Housing Quality Standards to be eligible for the program, so grant funds can be used for minimal repairs to bring the structure up to HQS. The grant pays the difference between the selling price of the home plus any repairs and the mortgage amount. The actual grant amount is a flexible amount depending on need so the applicant does not pay more than 30% of their income for housing costs.

To be eligible for the program, applicants must be first-time homebuyers, meet the income guidelines, and be able to secure bank financing for their share. The maximum income guidelines for this program are 80% of median income for the size of the household. Click here for the Income Limit Table. Priority is given to the lowest income households. There is a $40.00 application fee, which includes the cost of a credit report. A HANDBOOK and APPLICATION can be found online here.  Applicants must also complete a homeownership training course before they can receive any assistance.

You may call Snow Belt Housing Company, Inc. office at 7500 S. State Street, Lowville, New York 13367 at (315) 376-2639 to be placed on our waiting list.