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New York city to extend homebuyer's credit

February 9, 2011 - Buyers moving to the New York suburb of Troy will again be able to take advantage of a city grant they can put toward a down payment and closing costs.

City officials announced the Homebuyer Incentive Program would enter its 15th cycle this year, reported the Troy Record, and they remained optimistic that the program would continue to encourage more people into relocating to the city. Mayor Henry Tutunjian said the program has already helped 40 local families achieve homeownership.

"At my final State of the City address ... I also pledged that my administration would sprint to the finish of my final term. That sprint begins today by continuing to offer this program and highlight its availability to all qualifying residents," Tutunjian said in a release to the paper.

Applicants making 80 percent or less of the area's median income will be eligible for the grants, the amount of which are determined as the household's percentage of the area median income, said the report.

State and municipalities have offered similar homebuyer incentives in an attempt to invigorate local housing markets. Tax credit programs in Kentucky and California expired at the end of 2010, while the federal government's tax credit expired last spring.
 

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