NYSAR Housing Opportunities Foundation Grants
The New York State Association of Realtors Housing Opportunities Foundation, Inc. is an organization that was established to create and increase affordable housing opportunities for individuals to overcome the barriers of home ownership. Qualifying individuals apply for grants to assist with closing costs and/or down payments. The grants are gifts with no payback requirement and are available to low–to-moderate income families in New York State. The Housing Opportunities Foundation has entered into arrangement with The Community Foundation for the Greater Capital Region who will receive and review applicants and award grants throughout New York State.
- Applicants must be first-time homebuyers as defined by The State of New York Mortgage Agency, SONYMA (www.nyhomes.org), as: A person who (i) has not had any ownership interest in his or her primary residence at any time during the three years prior to the date of making an application for a SONYMA mortgage loan; and, (ii) at the time of making the loan application to SONYMA, does not own a vacation or investment home. This includes residences owned in the United States and abroad.
- Applicant incomes must be no more than 110% of the SONYMA Low Interest Rate Program’s income limit for the applicant’s county as posted on the SONYMA website on the day the application is received by the Foundation. (for more details, visit http://www.nyhomes.org/Home/Buyers/IncomeLimits/Programs.htm)
- Home prices must be no more than 110% of the SONYMA Low Interest Rate Program’s purchase price limit for the applicant’s county as posted on the SONYMA website on the day the application is received by the Foundation. (for more details, visit http://www.nyhomes.org/Home/Buyers/PurchasePriceLimits/Programs.htm)
- Grants will be limited for the purchase of an owner occupied residence only.
- Relatives of selection committee members are ineligible.
- Applications will be reviewed on a rolling basis with decisions rendered within 30 days of receipt of the application by the Foundation.
- All complete applications will be reviewed by the selection committee; incomplete applications will not be considered.
1. A grant of $2,000 will be awarded to selected individuals for down payments and other reasonable closing costs normally associated with purchasing a home.
2. The grant funds will be available for 120 days following final approval by the Foundation. Funds will be released to a representative attending the closing other than the grant recipient.
- In addition to the application form, the following information is required:
- A letter from the lender referencing the candidate’s mortgage pre-qualification. Final loan commitment submission is required before funds can be dispersed.
- A copy of the candidate’s 2009 tax return.
- It is suggested that the application, as well as the lender letter, copy of the tax return and essays, be submitted as one packet.
- The applicant should complete the application form by typing or printing all answers.
- Application must be signed by applicants REALTOR
- Each essay should be no more than 200 words.
- The selection committee can and will follow-up with phone call or in person interviews if need be.
- Applications that are not complete will not be eligible for review.
Completed applications should be submitted to:
NYSAR Housing Opportunities Foundation
c/o The Community Foundation for the Greater Capital Region
Six Tower Place
Albany, NY 12203
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