To qualify, applicants need to: Meet the definition of a “First-Time Homebuyer” Attend one of CHI’s Homebuyer Orientations Qualify for a mortgage Complete a Homebuyer Education course Provide at least 3 percent to contribute toward the purchase Fall below the maximum household income level set by New York State. Additional requirements include: A maximum of 49 percent of the grant proceeds can be spent on acquisition costs. These costs may include down-payment and/or closing cost assistance; A minimum of 51 percent of the grant proceeds must be spent on repairs and rehabilitation. The rehabilitation budget is determined by CHI’s designated HUD pre-planner; The grant assistance is in the form of a deferred forgivable loan with no payments that declines over time, secured by a second mortgage lien; and, The owner must occupy the property for 10 years to avoid having to pay back any or all of the assistance. If the recipient were to move out of the property or sell, or in any way violate the terms of his/her mortgage, then all or a portion of the assistance will have to be repaid. Visit the website for more information.

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