The homebuyer must open a dedicated savings account with the HSBC Bank in order to enroll in the First Home Club. A North Country Affordable Housing, Inc. or HSBC representative will assist the homebuyer in determining an affordable price range for the purchase of their first home,
the total amount of savings required to cover the down payment and closing costs, and the amount they can afford
to save monthly.

The Federal Home Loan Bank of New York will match $3 for every $1 saved by the homebuyer. The homebuyer must make regular monthly deposits into the savings account at the agreed dollar amount for a minimum of 10 months and maximum of 30 months.  The maximum savings club grant is $5,000, which will be used to cover down payment or closing costs for your new home.