N.Y. Program to Grow Upstate Homeownership by College Grads
May 16, 2017
New York’s state government is seeking to expand homeownership opportunities in its upstate metro areas with a new $5 million Graduate to Homeownership Program to help recent college graduates become first-time homeowners.
The pilot program, which will be available in eight upstate cities participating in Governor Andrew Cuomo's Downtown Revitalization Initiative, offers low-interest rate mortgages, a down payment assistance loan with no additional fees, and a homebuyer education course. Qualified first-time homebuyers must have graduated from an accredited college or university with an associate's, bachelor's, master's or doctorate degree within the last 48 months in order to receive the program’s down payment assistance loan of the greater of $3,000 or three percent of the home purchase price up to a maximum of $15,000, with no additional fees.
"We continue to invest in the development of downtown areas across Upstate New York, and with the launch of this innovative program, we will take our efforts a step further by enticing young graduates to make an investment in these communities and in their future," said Cuomo. "By removing barriers for talented graduates and allowing them to afford a new home in the Empire State, we are laying the foundation for stronger, more viable communities across New York for generations to come."
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