The Albany County Rural Housing Alliance, Inc. (ACRHA) is a not-for-profit corporation that assists low and moderate income people in Albany County with housing services. Three of these programs that are available to Cohoes residents who meet the low-income guidelines are:
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ACRHA Revolving Loan Fund
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Home Repair Program for Albany County Homeowners
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RESTORE Program for Emergency Repairs for Seniors
ACRHA Revolving Loan Fund
ACRHA Revolving Loan Fund assists qualified low income homeowners with necessary home repairs by offering 0% interest, 10 year loans of up to $2,000. The funding is intended to match other community resources for home repair funding or be a last resort for those unable to obtain financing elsewhere.
To be eligible a homeowner must:
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Be a resident of ACRHA's service area which includes the Towns of New Scotland, Berne, Knox, Westerlo, Coeymans, Rensselaerville, city of Cohoes and the villages of Ravena and Voorheesville.
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Have a low-income (dependent on family size as defined by HUD, i.e., for a family of 1 low income is defined as less than $28,750 and for a family of 4 low income is defined as less than $41,050).
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Use the loan for home repair and reside in the home year-round.
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Have tried to get a loan elsewhere and demonstrate ability to repay loan.
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Attend a housing counseling session and pay a $25 origination fee.
Home Repair Program for Albany County Homeowners
Funds are available to assist homeowners in repairing basic building systems or correcting basic structural defects, which could threaten the health and safety of the residents. The grant will pay for 60% of the repair costs and require up to a five-year note and mortgage lien on the property. The other 40% can come from the homeowner's own funds, private loans, or RECD 504 loan/grant program for rural properties. Eligible homeowners must:
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occupy the dwelling to be repaired
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be low-income
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have a deed to the property in their name(s)
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be current on their mortgage payments, taxes and insurance
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live in the ACRHA service area
RESTORE Program for Emergency Repairs for Seniors
Under this program, income-eligible senior homeowners may receive limited funds for emergency repairs to their homes. To qualify, the person must be 60 years of age or older, own and reside in the home to be repaired and meet the following income eligibility guidelines: one-person household with less than $17,950 income or two-person household with less than $20,500 income.
Repairs such as electrical, heating, plumbing, roofs, etc. would be eligible for the program if it presents a safety or health hazard to the elderly occupant.
For more information about these programs contact ACRHA at 235-3920.
