The program is designed for qualified households with incomes below 80 percent of the area median income who are capable of qualifying for and repaying a mortgage. The subsidy is a grant which must be repaid if the participants do not own and occupy the home as their principal place of residence for a period of time as mandated by HUD at the time of closing.
Participants are responsible for all costs above the subsidy.
The Town of Colonie First Time Homebuyer program is administered by the Community Development Department.