Home Ownership Program | Oswego New York Skip to main content

The Affordable Home Ownership Program prepares you for buying your first home by providing homebuyer education and financial assistance to income-eligible, first-time homebuyers.  Participants meet with a housing counselor for home buyer training and counseling sessions offered through the program.  Financial assistance to purchase the home is provided in the form of a deferred loan that is forgiven over a 10 year period.  The grants are used for mortgage principle buy down and closing costs.  The grant is secured as a second mortgage on the property for a period of 10 years.  If you move or sell the home the grant must be repaid to the City on a pro rata basis.

Eligibility to participate in the program is based on several factors including household income using 80% of area HUD median income limits for your family size, your ability to obtain a mortgage at a participating bank, as well as your savings and overall financial ability for your investment in the home purchase.  The home purchased must be located within the Oswego City limits.

Home ownership helps to improve our city’s neighborhoods and provides stable housing for families.  The Community Development Office has assisted 119 families purchase their first home through the Affordable Home Ownership program since 1994.  Funding for the program is provided from the New York State Office of Community Renewal Community Development Block Grant Program.

For additional information, please contact the Community & Economic Development Office

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