1st Time Home Buyers 

HOME Program  (New York State HOME Program)

 In 1999, RECAP began development of the First Time Home Buyer Program. This program is part of the HOME program sponsored by the New York State Division of Housing and Community Renewal (NY DHCR). This program makes it possible for low-income families, at or below eighty percent of area median income to purchase their own homes. Several families have been assisted in achieving home ownership through this program.

The HOME Program is targeted towards income eligible first time home buyers in Orange County, New York. Income qualification is based on the HUD Section 8 income limit table for the target area. The program is designed to buy down the purchase price of a home to a level that is affordable for a low income home buyer. Financing consists of the buyer obtaining a home loan. The participant is responsible for a minimum down payment of $2,000. RECAP can provide up to $25,000 for the purchase price reduction. This is a grant/loan with a stipulation that the buyer may not sell or refinance the home within 10 years of purchase or will otherwise repay all, or a portion of the grant.

To become eligible for funding under this program, the participant must meet the income eligibility requirements based on family size, complete the First Time Home Buyer Education and Training course, which includes credit counseling, and supply all required documentation in a timely manner.

Due to the popularity and limited funding of this program, grant funds are not guaranteed until an official commitment letter is issued, however, a waitlist of program participants is maintained to give all participants an equal opportunity to obtain program funding.