VOORHEESVILLE — The Albany County Rural Housing Alliance has three available grant spots left for qualified first-time home buyers purchasing in Albany County. Participating buyers will have until May 31 to close on a qualifying home.

The Acquisition/Rehabilitation grant, funded through New York State Affordable Housing Corporation provides down-payment assistance for closing costs and rehab funds for repairs after the home is purchased.

Applicants of low and moderate income may purchase single- or two-family homes in Albany County. Areas outside of the city of Albany and the town of Colonie take precedence.

Grants funds cannot exceed $40,000 per awarded homebuyer. Participants must: purchase a house that fits within their household budget, contribute at least $1,500 of their own funds, meet credit score requirements, attend a homebuyer education course, and prequalify for a mortgage with a fixed and fair interest rate from a reputable lender.

ACRHA Inc. is a Housing and Urban Development-approved housing agency providing counseling services free of charge. Services are available to anyone, regardless of location or income level. For more information about ACRHA’s Acquisition/Rehabilitation grant guidelines, contact Lauren Bachner (Ravena office) at 518-765-3656 or Julie Reynolds (Voorheesville office) at 518-765-2425, ext. 2586.