How can AHP funds assist homebuyers and existing homeowners?
• • First, AHP funds may be used to finance downpayments, closing costs, homeowner counseling (up to $500), and/or interest rate buydowns in connection with the acquisition of an owner-occupied dwelling. Second, AHP funds may also be used to finance the rehabilitation of an owner-occupied dwelling, including costs related to a developer’s fee. Third, AHP funds may also be used to finance hard construction costs and certain soft costs (subject to the consent of the FHLB-NY) associated with the erection of new homes or the renovation of abandoned dwellings for subsequent sale to eligible households. In any case, the AHP subsidy must directly benefit the owner-occupant household.
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