New York City’s Department of Housing Preservation and Development (HPD) recently reminded residents that the “HomeFirst Down Payment Assistance Program” is still accepting applications. Eligible first-time homebuyers can receive assistance of up to $100,000 towards a down payment or closing costs, helping more middle and low-income New Yorkers achieve their dream of homeownership.
The “HomeFirst Down Payment Assistance Program” is a collaborative effort between the New York City government and multiple community organizations. Successful applicants may receive up to $100,000 or 15% of the home purchase price towards a down payment and closing cost assistance (whichever is lower). The assistance is provided in the form of a forgivable loan, meaning that homeowners do not need to repay the amount if they hold the property for at least 10 years.
Applicants must meet the following criteria:
– First-time homebuyers (who have not owned property in the past three years).
– Household annual income does not exceed the income limits set by the U.S. Department of Housing and Urban Development (typically around 80% of the area’s median income, varying by household size).
– The purchased property must be located in one of New York City’s five boroughs and used as the primary residence.
– Properties can include one to four-unit residential buildings, condos, or co-op apartments.
Applicants are required to complete the following steps:
– Attend a homeownership education course provided by a designated non-profit organization appointed by the city, covering topics such as financial management, loan knowledge, and the homebuying process.
– Work with participating lending institutions to confirm loan eligibility and complete the mortgage application process approved by HPD.
– Submit assistance applications along with income documentation, pre-approval letters for loans, and other required materials.
HPD emphasizes that this program aims to assist more middle and low-income families in overcoming the “down payment hurdle,” particularly in a city like New York where housing prices are high and the cost of living continues to rise. Since the inception of the program, thousands of residents have benefited from it.
The city government stated, “New York is a diverse city where every family should have the opportunity to achieve the dream of owning a home. The HomeFirst Down Payment Assistance Program will continue to support families working hard to save money and alleviate the financial pressures of buying a home.”
Those interested in applying can visit the HPD official website for more information or contact housing counseling agencies designated by the city to receive free homeownership education and assistance.
For more details, please visit: [HPD HomeFirst Down Payment Assistance Program](https://www.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page)