What is the East Buffalo Down Payment Assistance Plus Program

In early August 2022, New York Governor Hochul announced a series of new programs designed to help improve the lives of residents of East Buffalo, a neighborhood that had been systematically neglected by local, county and state officials. state for decades.

The new East Buffalo Down Payment Assistance Plus program is now available to people who live in certain Buffalo neighborhoods to help provide additional financial resources when people are looking to buy a home.

Listen to Ed-Nice Monday through Friday at 10:00 a.m. on Power 93.7 WBLK

Listen to Ed-Nice Monday through Friday at 10:00 a.m. on Power 93.7 WBLK

The program itself will provide up to $30,000 in down payment and/or closing cost assistance to homebuyers looking to purchase a single family home, 2-4 unit family home, condominium unit, or single unit. cooperative in western New York.

Eligible individuals and families will receive these funds in the form of a conditional loan. The loan has no monthly payments and comes with a 0% interest rate. If the applicant stays in the house for at least 10 years, the loan is completely forgiven. If the applicant vacates or sells the home before the 10 years expire, they must repay a portion of the prorated loan to New York State.

There are certain income limits for this program. Individuals and families must have an annual family income equal to or less than 60% of the median income for the region. In the Buffalo/Niagara area, for a family of 3 or more, that’s an income of less than $73,160 per year.

In addition to the income guidelines, you must also be a current resident of Buffalo and reside in one of the following ZIP Codes: 14204, 14206, 14208, 14209, 14210, 14211, 14212, 14214, and 14215.

The EBDPAL+ program is specifically designed to help create homeownership opportunities in East Buffalo. There are local banks and non-profit organizations in Buffalo that are willing to help those who are interested in this program.

For more information or to start applying, you can find additional details on the NYS EBDPAL+ program website here.

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