Home Ownership Programs
The Acquisition-Rehab program assists qualifying low-income first time home buyers in the City of Buffalo secure a grant for one-half of the rehab costs.
Home buyer must remain in the home for 10 years and it must be their principle place of residence for that length of time.
Down Payment and Closing Cost Assistance Program
The Down Payment and Closing Cost Assistance Program expands home ownership opportunities by providing up to $5,000 with down payments and closing costs to low- and moderate-income first time home buyers
Applicant must be a first-time home buyer, defined as someone who has not owned a home within the past 3 years
Applicant household must be below 80% gross area median income
Applicant must live in home for 5 years after purchase.
Home must be
Within City of Buffalo limits
A single family home
In good condition
Owner-occupied at time of sale
Outside 100 year floodplain
Cannot exceed FHA 203(B) mortgage limit for existing single family $161,000 and double unit $207,000.
Stand Up Buffalo Rental & Owner Housing Rehab program
Stand Up Buffalo Rental & Owner Housing Rehab program will provide funding to both homeowners and small-scale landlords to help repair and remove health and safety hazards from their homes that house low income residents. Quality affordable housing units are especially crucial to accommodate social distance-related activities, to tenants considered at high-risk of contracting COVID-19.
Home Grown Home Ownership Program
If you a first time home buyer looking to purchase a single or a double family home in the City of Buffalo, you may be interested in Home Grown. Eligible low-income, first time home buyers may be eligible to purchase a vacant home from the City of Buffalo Division of Real Estate and receive funding to make needed repairs to make the home code compliant and ready for move in. The Old First Ward Community Association, Inc. is currently assisting home buyers with processing applications for the City of Buffalo’s Home Grown Home ownership Program.
Assistance is only available for income eligible first-time home buyers who are using a SONYMA Remodel NY Mortgage and looking to purchase a single or double family home from eligible properties at the City of Buffalo Division of Real Estate.
Funding assistance is provided by the City of Buffalo/ Buffalo Urban Renewal Agency as a deferred payment, zero percent interest loan (conditional grant.) Funding assistance will only fill the financing gap, if needed. Funding assistance may be available for rehabilitation costs, related soft costs, and down payment and closing cost assistance.
To qualify you must…
Be an eligible first time home buyer (have never owned a home or have not owned a home during a three-year period prior to purchase of home.)
Be prepared to purchase a single or double family house from the eligible City of Buffalo Division of Real Estate inventory, within the legal limits of the City of Buffalo, New York to be owned and occupied by the purchaser.
Be pre-qualified for a SONYMA Remodel NY mortgage (locally available from M&T Bank.)
Plan to occupy the house to be purchased for at least ten years.
Have a household income of no less than 50% and no more than 80% of the area median income*, based on family size.
We are currently not accepting applications.
For more information, please contact us at 716-856-8613 ex. 103