Home Purchase Assistance Program (HPAP) Fact Sheet Page 2
Qualified applicants can receive financial assistance for downpayment and closing costs to purchase single-family houses, condominiums or cooperative units.
How much will I need to contribute to qualify?
HPAP recipients contribute $500 or 50% of liquid assets greater than $3,000, whichever is greater. For very low- and low-income applicants, the contribution in excess of five hundred dollars ($500) may be waived by the Director where there is demonstrated need and the applicant is elderly, handicapped, disabled, or displaced.
How is the loan repaid?
Payment on loans made to any income-eligible household under this program are deferred for the first five years. Monthly principal-only payments begin at the start of the sixth year of the loan, amortized over a 40-year period.
The entire amount of the loan is immediately due and payable if:
- the borrower transfers the property,
- the property is refinanced (unless the refinance meets certain conditions), or
- the property ceases to be the borrower’s principal place of residence.
How can I apply?
To apply for HPAP assistance, please contact one of the following organizations:
Page 2 of 2  1 2 
| 
