BCNI’s Homebuyer Assistance Program – The goal of the Home Buyer Assistance Grant is to help low-income individuals realize the goal of purchasing their first home in the City of Schenectady or Montgomery County. If qualified, this grant can assist with a down payment and closing costs as well as funding to help with rehabilitation work on the home. Rehabilitation work must be completed within 6 months of closing on the home. A note and mortgage will be added to the home to cover the affordability period of the grant. Home buyers must receive pre-purchase assistance from a BCNI Housing Counselor to understand the process of buying a home and to help achieve a successful outcome. Other restrictions and requirements may apply.

Homebuyer Dream Program Eligible first time homebuyers may receive up to $9,500 toward their home purchase. The program is available throughout the Capital Region through participating lenders. Review this link ( HDP 2021) for details and income limits.

SONYMA DPAL Program In conjunction with a SONYMA loan, receive up to 3% of the purchase price of the home (up to $15,000). In the Capital Region, SONYMA income limits are generous. You may earn up to $97,000 for a 1-2 person household and up to $111,550 for a 3+ person household. Learn more at SONYMA’s website.

SONYMA Neighborhood Revitalization Program If you plan to purchase a vacant home to own and occupy, SONYMA offers up to $20,000 toward renovations. Eligible homes in the Capital Region to be located in Albany, Rensselaer, Schenectady, Warren or Washington counties. Generous income limits. Visit the SONYMA website for details.


Incentives for New Homeowners!

Homebuyer Grant Programs By Community

City of Albany

  • City of Albany Home Acquisition Program (HAP) – When funds are available, the Albany Community Development Agency provides 5% of the purchase price for down payment assistance (up to $10,000) and up to $5,000 for eligible closing costs.  Use the deferred loans to acquire 1-4 unit owner-occupied homes throughout the City of Albany. Often combined with the City’s home repair and lead paint abatement program. HUD income limits* apply. Contact the Albany Community Development Agency (518) 434-5265 or visit  Check availability.

Albany County

  • ACRHA Acquisition/Rehabilitation Grant – The Albany County Rural Housing Alliance provides first-time buyers with a grant for acquisition and repairs.  The award amount depends on amount of repair needed as 51% of the grant funds must be used toward rehabilitation costs.
    • Eligible areas are throughout Albany County.
    • For more information on this and other grants offered by the organization, contact ACRHA at (518) 765-2425. Application forms and details are available on ACRHA’s website.

City of Schenectady & Montgomery County

  • Better Community Neighborhoods, Inc. Homebuyers Assistant Program: Better Community Neighborhoods, Inc. offers down-payment and closing cost assistance to first time homebuyers for up to 10% of the purchase price with an average grant of $9,000 depending on the needs and location of the home.. If you move or sell the property, or fail to live in the property during the five-year period of affordability, a pro-rated portion of the grant must be repaid with no interest.
    • The property must be in standard condition
    • Pass a Certificate of Occupancy inspection
    • Complete a visual lead assessment
    • Complete a home and asbestos inspection
    • HUD 80% median income limits* apply.
    • Home to be purchased must be located in City of Schenectady or Montgomery County.
    • For more information contact Better Community Neighborhoods, Inc. (518)372-7616 or visit

City of Troy

  • City of Troy “HIP” Program – Check availability of the Homebuyer Incentive Program. When funds are available, it offers $15,000-20,000 in down payment assistance to owner-occupant purchasers. Grant amounts are based on household income. Grants require TRIP homeownership training and are available throughout the City of Troy.

Town of Colonie

  • Town of Colonie Down Payment Program – The Town of Colonie provides $14,000 for down payment and closing costs for the purchase of a single family home in the Town of Colonie, or villages of Colonie or Menands. This is a deferred loan that becomes a grant if you occupy the home for a period of 10 years.
    • Home must be in good condition at time of purchase and meet HUD Housing Quality Standards (HQS).
    • HUD income limits apply.
    • To be placed on their waiting list, contact the Colonie Community Development office at (518) 783-2718.
    • Visit their Web site here.

Rensselaer County

  • Rensselaer County Housing Resources – RCHR offers “Small Cities” money up to $20,000 towards a home purchase, anywhere in Rensselaer County except the City of Troy. 1 unit owner-occupied homes are eligible. Homes must be in good condition at the time of purchase and pass a HUD “Housing Quality Standards” (HQS) inspection. Income limits are 80% of HUD median income.
    • Contact the TRIP HomeOwnership Center at (518) 272-8289 or visit TRIP’s website for details.

Schoharie County

  • Schoharie County Rural Preservation Company – Be sure to check availability. Schoharie RPC offers first-time homebuyer grants and/or repair grants through three home purchase assistance programs. Details are:
    • Applicants must meet income guidelines. Funds can be used for downpayment and closing, and rehabilitation monies to address health and safety hazards in the home.
    • Call for details, eligibility and availability:
      (518) 234-7604.

Available Regional Grants