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    << Return to news list This is a tremendous opportunity for the City to bring new residents into our community.
     
    Glens Falls, as result of its winning designation with the Downtown Revitalization Initiative for the Capital Region, is one of only 8 cities that will be eligible under this program.
     
    This offers low-interest rate mortgages, a down payment assistance loan with no additional fees, and a homebuyer education course.
     
    This Homeownership program, is available for qualified first-time homebuyers who have graduated from an accredited college or university with an associate's, bachelor's, masters or doctorate degree within the last 48 months. Graduates must be purchasing a home in one of the 8 Downtown Revitalization Initiative communities.
     
    Key Aspects of the Graduate to Homeownership Program include:
    • Subsidized low-interest rate mortgages;
    • Down payment assistance loan of the greater of $3000 or three percent of the home purchase price up to a maximum of $15,000, with no additional fees;
    • Access to additional available subsidies and resources; and
    • Online and on-campus homebuyer counseling and education.
    Bartholomew noted that this program will supplement the ongoing First Time Home Program (administrated by EDC) within the City.
     
    Governor Cuomo stated that "We continue to invest in the development of downtown areas across Upstate New York, and with the launch of this innovative program, we will take our efforts a step further by enticing young graduates to make an investment in these communities and in their future." Governor Cuomo said "By removing barriers for talented graduates and allowing them to afford a new home in the Empire State, we are laying the foundation for stronger, more viable communities across New York for generations to come."

    Bartholomew called out the great advocacy effort by Senator Betty Little as Chair of the Housing Committee in advancing this legislation into law.
     
    "Integral to revitalizing a downtown is attracting people to live there, and for various reasons, home ownership is an important part of that equation. I was pleased to support Governor Cuomo's Downtown Revitalization Initiative program in the budget last year and am very happy to see the cities of Glens Falls and Plattsburgh among the winners selected in that competition. As our cities' plans for economic growth take shape, I am hopeful we will see more college graduates come to see their future in our downtowns."
      
    Contact Ed Bartholomew
    518-761-6007 Office
    518-321-3132 Cell
    ebartholomew@edcwc.org
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