HOMEBuyer Development

The South End Improvement Corporation has obtained funding from the NYS Homes and Community Renewal to purchase, rehab and sell 4 area single family homes to homebuyers over the next two years.  SEIC will rehab the homes to meet NYS Codes and Housing Trust Fund Corporation Rehabilitation Standards. Up to $65,000 in renovation costs will be passed on, as a grant, to eligible homebuyers.

Potential homeowners are eligible if their household income is 80% or under the annual median income (AMI) for the Albany-Schenectady-Troy Metropolitan Area.
*As of April 1, 2018. These income guidelines change annually

Household Size Income Limit
1 $48,400
2 $55,300
3 $62,200
4 $69,100
5 $74,650
6 $80,200
7 $85,700
8 $91,250

Additionally,

  • Homebuyers must complete a HUD-Certified pre-purchase counseling program
  • Buyers must acquire a mortgage for the cost of the home minus the rehab grant
  • Buyers must use the home as their principal residence for 15 years

We are not currently accepting applications, as we are still purchasing and rehabbing properties.

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