Community Housing Innovations Receives $1,000,000 from New York State Affordable Housing Corporation to Provide Down Payment Assistance
PATCHOGUE, NY – July 26, 2018 – Community Housing Innovations (CHI), a nonprofit housing organization, is looking for first-time homebuyers on Long Island who need down payment assistance. The New York State Affordable Housing Corporation recently awarded $1,000,000 to the agency to provide one-time down payment and rehabilitation assistance grants to qualified homebuyers who wish to buy a home in Nassau or Suffolk County.
CHI provides HUD-approved homebuyer education and counseling, which is required for the grants.
“We are grateful to New York State Affordable Housing Corporation for providing CHI with this grant which will allow 40 families to purchase their first homes this year,” said Alexander H. Roberts, Executive Director of CHI.
Since 1997, CHI has been operating its Renters into Owners program, which administers New York State grants averaging $25,000 each for down payment and home improvements to income-eligible first-time homebuyers. Through this program, CHI has provided over $11 million in down payment assistance grants and free counseling to over 750 families and individuals.
To be eligible, homebuyers must meet the definition of a first-time homebuyer and have at least 3% of their own savings to contribute toward the purchase. For a family of four, income must not exceed $104,563. Other income requirements may be found on CHI’s website. Grant assistance is in the form of a deferred forgivable loan with no payments that declines over time, secured by a second mortgage lien. The owner must occupy the property for ten years to avoid paying back any of the assistance.
Potential grantees must attend an orientation, qualify for a mortgage, and complete HUD-certified homebuyer education. Orientations are posted on CHI’s website at www.chigrants.org. Registration is required and accepted through the website.
For more information on CHI’s Homeownership Program, please call Andrea Haughton, Director of Homeownership, at 914-683-1010 or email email@example.com.
About Community Housing Innovations, Inc.
Founded in 1991, Community Housing Innovations, Inc. is a nonprofit affordable housing and social services agency serving Westchester, the Hudson Valley and Long Island. CHI provides housing and human services that support social and economic independence. Programs include emergency and transitional housing, permanent housing, homeownership counseling, education, and down payment assistance, foreclosure prevention education, and development of fair and affordable housing. For more information on CHI, visit www.chigrants.org.