Funding for this program is from New York State Division of Housing and Community Renewal, and is being administered by Delaware Opportunities Inc. The program will provide assistance to first time homeowners to provide home ownership counseling to individuals interested in purchasing (1-4 family, owner occupied) homes in Delaware County. Funding is available to assist with down payments, closing costs, prepaid expenses, and reduction in mortgage. Purchasers must have an initial investment of 3% cash available. The grant program is set up for a period of 10 years. No repayment is required as long as the family maintains the property as their primary residence. A yearly inspection and an evaluation that homeowner’s expenses are up to date, including current mortgage payment, taxes, utilities and home owners insurance. Delaware Opportunities Inc. will place a subordinate second mortgage on the property.