Matched Savings Programs: First Home Club & Assets for Independence

Both the First Home Club & Assets for Independence Savings Programs provide a matching $4 for every $1 saved by a potential first time homebuyer, to assist with downpayment and closing costs. Saving tips and financial education workshops are provided to help people learn how to save.

The main goal of these programs is to assist people learn how to save in order to increase their wealth, for the ultimate goal of creating strong viable neighborhoods;grants are matched $4 for every $1 saved up to a maximum  of $7,500! Eligible applicants may save in 1 or both programs if eligible.

First Home Club though Federal Home Loan Bank of NY:

Savings must be done for a minimum of 10 months up to a maximum of 24 months. Potential homebuyers may choose to save at 1 of 6 local lending institutions.

Participating Lenders:

• First Niagara Bank
• HSBC
• M&T Bank
• Pioneer Savings
• SEFCU
• NBT Bank
  

Maximum income limits to qualify for this program are as follows:

1 or 2 person household: $ 56,480

3 or more person household: $ 64,952

After savings has been completed, participants will obtain mortgage with the lender holding their savings account.

NEW!- Assets for Independence though New York State DHCR:

Savings must be done for a minimum of 12 months up to a maximum of 24 months.

TRIP has joined the statewide effort at NYS-DHCR and will participate in the Assets for Independence (AFI) matched-savings for down-payment assistance for income-eligible first-time home buyers.

Applicants may either qualify for Earned Income Tax Credit or

Maximum income limits to qualify for this program are as follows:

After savings has been completed, participants may shop for ANY affordable mortgage with NO lien placed on the home.

For more information on AFI, visit the DHCR web site at http://nysdhcr.gov/Programs/AssetsForIndependence/ to view an AFI video or print an AFI brochure. 

Participants in the First Home Club and/or Assets for Independence may apply for additional downpayment assistance near the end of their savings period, if eligible.

Please contact: TRIP's HomeOwnership Center at 690-0020 or register@triponline.org for more information and to sign up for the next Homebuyer Orientation.