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First Time Homebuyer Grants
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. Under the program regulations, 15% of the federal HOME funds must be reserved for Community Housing Development Organizations (CHDOs). Snow Belt Housing Company, Inc. qualifies as a CHDO and has regularly applied for these funds under the federal HOME Program's 15% set-aside for CHDOs.
Under Snow Belt's program guidelines applicants may receive a grant up to a maximum of $20,000 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 are listed below. Priority is given to the lowest income households. There is a $25.00 application fee which includes the cost of a credit report. Applicants must also complete a homeownership training course before they can receive any assistance.
The maximum income limits must not exceed 80% of median income for the size of the household. Click here for Income Limit Table.
Currently the funds for this program are exhausted. 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.
Homeownership Training
Snow Belt Housing Company, Inc. offers homeownership training to all potential homebuyers. With housing expenses typically taking up the largest share of a household's budget, first-time potential homeowners need a comprehensive education program to ensure smart buying and successful ownership.
Applicants for all first-time homebuyer grant programs are required to attend a six hour home ownership seminar offered on three consecutive evenings. The sessions will include, but not be limited to the following topics:
The seminars will be offered in March and April to all pre-qualified grant applicants. A Certificate of Completion is given to participants who complete the seminar. This Certificate is needed in order to be eligible for reduced interest/low down payment mortgages (such as Key Bank's HomeAssist Mortgage and HSBC's Community Works Mortgage.
There are no income limits for the home ownership training. The sessions are open to any potential homebuyer who wants to learn more about homeownership. There are income limits for the first time homebuyer grant program described above.
Snow Belt also offers a home study course when the homeownership training seminars are not available. Applicants complete a G.E. Homebuyers Counseling workbook on their own. The book contains exercises that are reviewed by Snow Belt staff upon completion. A Certificate of Completion is issued once the book is completed and reviewed. The workstudy course is available throughout the year to any potential home purchaser. Books can be picked up at the Snow Belt office or one can be mailed to you upon request.