North Country Affordable Housing, Inc. has been awarded additional grant funds to assist low and very-low income-eligible first time homebuyers who have successfully completed participation in HSBC Bank’s First Home Club to purchase home in Jefferson County. Single and double-wide trailers are not eligible for this program. You must agree to live in the home for ten years to complete the grant conditions; otherwise, the grant will have to be repaid (or under certain conditions might be assumed by a new buyer).

Grant funds may only be used for the improvement and/or purchase of a newly purchased home through the First Home Club. Up to $15,000 may be provided by the grant;
the remainder must come from a mortgage loan through HSBC Bank, according to what you can afford.  HSBC Bank offers a low interest rate mortgage that requires a down payment of only $500, which can be drawn from your First Home Club savings.

Eligibility

1. You must be a first time homebuyer (or not owned a home in the last three years, or have been displaced from your home by divorce or separation).  If you own unimproved land (without a house) or land with a substandard mobile home, you may also be eligible.

2. You must have successfully completed participation in the First Home Club.

3. You must meet the income guidelines listed below for your household size.  Your income will be verified at the time of home purchase to assure that you still qualify for the additional grant.

Applications will be processed on a first-come, first-served basis. This means that you need to complete your application to the First Home Club as soon as possible to be considered for a grant. Households already on the waiting list will be considered first.

Your gross annual household income, for all persons in the household, must fall within the following guidelines, based on household size:

For purposes of determining income, we will use the same guidelines as the First Home Club. We will need your last three years federal income tax returns and current pay stubs or appropriate proof of income to qualify you.

To apply, you must contact North Country Affordable Housing, Inc. at 315-785-8684, and enroll in the First Home Club. This Club is a combination of a savings program, determined by you, for a period of ten to thirty months, which is then matched 3:1 for every dollar you have saved, up to a maximum of $5,000. For instance, if you save $1,000, you will get an additional $3,000 to apply to your first home purchase.

If you successfully complete the savings program, and homeownership and credit counseling courses offered by North Country Affordable Housing, you are eligible to receive an additional grant to the extent funds are available. The mortgage for the remaining funds must come from HSBC Bank.

You may then look for a home to purchase in Jefferson County. (New construction is eligible, but cannot exceed $75,000.)  It must be an existing single family home in Jefferson County. Trailers are not eligible under the program guidelines. Once you have found the home you wish to purchase, we will send out an inspector to make sure that the house is in good condition. If it needs repairs, we will do a work write-up and cost estimate, which will become part of the grant program. Total purchase and improvement costs cannot exceed $75,000 to qualify for the grant, but we expect that you may find a home at far less cost to you, which will be in your individual range of affordability.
Monthly costs for your mortgage could be less than $300, depending on the home you
choose.

If the home needs repairs, we will oversee the work which you will contract for, once you own the home. The grant funds for that work will be paid when the work is completed.

After you are in your new home, you will be required to attend homeowner maintenance and repair workshops presented by North Country Affordable Housing, Inc. over the next two years.

Call us now to set up an appointment to enroll in the First Home Club. We will also answer any additional questions you may have.

North Country Affordable Housing, Inc. programs are open to all who qualify, without regard to race, color, creed, ethnicity, religion, age, marital status, sexual preference or genetic composition.

Our offices are located at 120 Washington Street, Watertown, New York 13601.
You may reach us anytime by calling 315-785-8684.