Home Acquisition Program (HAP)

Financial Assistance for Homebuyers in New York

The City of Albany offers to its residents the Home Acquisition Program (HAP) to provide financial assistance to low-income households with annual incomes under 80 percent of the area median income. They must not currently own a home and must use the funds to purchase a 1- to a 4-unit building, condominium, or cooperative unit in the City of Albany.

Available Assistance

Funding for the program comes from HOME Investment Partnership ACT Program (HOME). Funds can be put toward the down payment and closing costs of the home, but may not be used for property improvements in excess of code compliance requirements, room additions other than bedrooms, taxes, water bills, and homeowners insurance.

Eligibility Requirements

Applicants must be first-time homebuyers and must reside in the property purchased for the life of the HAP mortgage. In the event of resale or non-occupancy, repayment is required. Homebuyers with assets totaling more than $40,000 are not eligible to participate in this program. Assets include savings, checking accounts, certificate of deposits, IRA, 401(K), stocks, bonds, etc.

Income Limits

Eligible applicants must have an annual household income under 80 percent of the median within six months of delivery of services, otherwise, it must be updated. 

1 person household: $46,550

2 person household: $53,200

3 person household: $59,850

4 person household: $66,500

5 person household: $71,850

6 person household: $77,150

7 person household: $82,500

8 person household: $87,800