What is OHAP?
The Olean Homebuyer Assistance Program (OHAP) is funded through the New York State Trust Fund Corporation Office of Community Renewal via the HOME Investment Partnership Program of the United States Department of Housing & Urban Development (HUD).
OHAP provides down payment and closing cost assistance for homebuyers interested in purchasing single family homes within the City of Olean. OHAP is administered by the City of Olean Office of Community Development.
The City annually monitors the homebuyer file for compliance with residency.
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- Homebuyer works with a commercial lender (bank or mortgage company) to qualify for a real estate loan.
- Homebuyer submits application and required documentation, including primary mortgage approval.
- Program staff reviews documentation to determine program eligibility.
- Homebuyer completes HUD Certified Counseling.
- Homebuyer works with real estate agent to select a home and enters into purchase contract.
- The City of Olean conducts a health and safety inspection of the home and property.
- The Homebuyer receives a commitment letter from the City detailing the amount approved.
- Homebuyer completes purchase of their home.