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Albany County is introducing a new initiative to assist first-time homebuyers. The First-Time Homebuyer Navigator Program will allocate $240,000 over three years to help individuals navigate the home-buying process. This program aims to eliminate barriers that first-time buyers face by offering expert guidance on funding opportunities and the home-buying process.
The program, which launches on Thursday (March 27), will focus on assisting low- and moderate-income individuals. It will provide counseling on securing loans such as the State of New York Mortgage Agency (SONYMA) and Federal Housing Administration (FHA) loans, as well as 203k rehab loans for purchasing and renovating vacant homes. According to WNYT, applications for the program are due by April 11.
In addition to this initiative, the Albany County Legislature, in collaboration with County Executive Dan McCoy, plans to introduce a local law in April to provide a partial real property tax exemption for residents constructing accessory dwelling units (ADUs) on existing properties. This measure aims to lower upfront costs, making ADU construction more feasible and increasing the housing supply.