The Olean Homeownership Assistance Program (OHAP) provides financial resources to potential first time homebuyers interested in purchasing a home in the City of Olean. The program is designed to assist low- and moderate-income individuals and families determined to be income eligible under income limits as established by the U.S. Department of Housing & Urban Development.

The following types of financial assistance are available to eligible applicants:

• Grants/loans for down payment and closing fees
• Grants for rehabilitation assistance for eligible rehab activities

Eligible applicants must occupy the property as their principal residence. Eligible properties purchased with financial assistance under this program shall be single-family, owner occupied dwelling units in the City of Olean. All properties shall be inspected by the Rural Revitalization Corporation (RRC) staff for health and safety related deficiencies and to determine minor rehabilitation needs. As required under Federal law, OHAP participants will be provided with information on lead-based paint risk assessment during the initial inspection process.

Application Process

• Complete OHAP application
• Meet with RRC staff for initial counseling session on an individual basis to review the application, determine income eligibility, review the applicant’s credit report, and develop a corrective action plan, if necessary, to bring the prospective home purchaser to "mortgage-readiness".
• Attend mandatory education classes
• RRC staff determines debt/income ratio and applicant is given his/her affordability range for home selection process.
• Application forwarded to loan committee for review, and if approved, forwarded to the Olean Common Council for final approval. Commitment letter issued to applicant identifying City’s maximum financial participation.
• Applicant works closely with RRC and Community Development staff during home selecting and mortgage closing processes.

Click here to download the application in pdf format