Homebuyer & Homeowner Resources

Homebuyer & Homeowner Resources Reference Guide

  1. Financial Resource Guide for Homebuyers & Homeowners
First Time Home Buyer’s Program
This program provides funding assistance for first time home purchasers within the City of Schenectady.
The program is called the "Second Mortgage Program" and provides the following to eligible applicants:
  • A loan of up to 10% of the purchase price of a property to use toward down payment and/or closing costs
  • An interest rate of 4% with a 5-year term
  • 75% of the assistance will be converted into a grant if the purchaser resides in the property for 5 years
A range of 1, 2, or 3 unit residential properties are eligible. Houses must be in standard condition and able to pass a Certificate of Occupancy inspection and Lead Based Paint Clearance.

Applicants must meet federal income eligibility requirements and have a mortgage loan approval from a lender for at least 90% of the purchase price prior to application.

​Lead Safe Housing Program


The City of Schenectady’s Lead Safe Housing Program wants to make your house lead safe. The Lead Safe Housing Program gives qualified homeowners and landlords in the City of Schenectady free financial assistance to reduce and/or eliminate lead paint hazards in their properties,

Under the City of Schenectady’s Lead Safe Housing Program, you may be eligible to receive the following and more:
  • New energy efficient doors
  • New energy efficient windows
  • Sheetrock and painting
  • Vinyl siding
​Click here for more information

New York State Neighborhood Revitalization Program

The Neighborhood Revitalization Program offered through the State of New York Mortgage Agency (SONYMA), offers up to $20,000 in rehab incentives as well as downpayment assistance to potential buyers who wish to purchase vacant properties in the City of Schenectady.  For more information on this program, please click here.  

The Homebuyer Dream Program

The Homebuyer Dream Program is a federally regulated set-aside program available through Member financial institutions of the Federal Home Loan Bank of New York. The Homebuyer Dream Program provides funds in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income.  The maximum grant that a household may receive is up to $14,500, as determined by the Member.  Additionally, the Homebuyer Dream Program also offers up to $500 towards the defrayment of homeownership counseling costs. The amount of the defrayment will be added to the grant resulting in the potential maximum assistance of $15,000.  For more information on participating financial institutions, please contact Better Neighborhoods Inc. by using the link below.

Better Neighborhoods Inc. 

Better Neighborhoods Inc., is a local non-profit housing agency that has been improving the quality of life of Schenectady residents by rehabilitating and building homes in our community for over 50 years.  In addition to their construction and rehabilitation efforts, BNI offers programs for first-time homebuyers and long-time residents, such as Homebuyer Education, Pre-Purchase Counseling and Foreclosure Prevention.  For additional information on the programs and services they provide, please visit their ​website.