Homeownership Assistance Program

Homeownership Assistance Program is sponsored by Ives Bank. Provides grants to income-eligible homebuyers for down payments, closing costs, and homebuyer counseling.

HomeFirst Down Payment Assistance Program - HPD Housing Preservation & Development 311 Search all NYC.

gov websites HomeFirst Down Payment Assistance Program HomeFirst Down Payment Assistance Program The HomeFirst Down Payment Assistance Program provides qualified first-time homebuyers with up to $100,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.

HomeFirst Participating Lenders A prospective homebuyer must: Be a first-time homebuyer Complete a homebuyer education course taught by an HPD-approved counseling agency Work with an HPD approved Housing Counseling Agency to complete a 2025 HomeFirst Loan Application ( Required documentation can be found here ).

Have their own savings to contribute to the down payment or closing costs Meet program income eligibility requirements The borrower must provide a minimum downpayment or contract deposit of at least 3% of the total purchase price sourced from their own funds, towards the home purchase.

Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City Pass a Housing Quality Standards (HQS) inspection before purchase Live in the home for at least: 10 years if the loan received is less than or equal to $40,000 15 years if the loan is greater than $40,000 For City-funded loans, owner occupancy period is 15 years regardless of loan amount.

Have a maximum household income up to 120% AMI: Maximum Household Income up to 120% AMI Buyers receiving a down payment assistance loan less than or equal to $40,000 must reside in the home purchased for at least 10 years. Buyers receiving loan greater than $40,000 must reside in the home purchased at least 15 years. For City-funded loans, owner occupancy period is 15 years regardless of loan amount.

Effective Date: 6/01/24; Source: U.S. Department of Housing and Urban Development HOME Purchase Price Limits for Existing Homes* Applicant must purchase an existing home at or below 95% of the HUD purchase price limits: The limits above are effective as of December 1, 2025, and will remain in effect until HUD issues new limits If applicants wish to purchase a newly built or rehabilitated home, please visit this link for eligible purchase price limits .

Community-based counseling agencies certified by HUD and approved by HPD to participate in the HomeFirst program will promote the program through newsletters, flyers, and seminars; distribute program guidelines; and enroll consumers in Homebuyer Education classes.

The counseling agencies will also certify income eligibility for the Down Payment Assistance Program, counsel consumers about program requirements, certify completion of Homebuyer Education classes, and refer consumers to participating lenders for pre-approval. Contact any one of the following HPD-approved counseling agencies.

Please reach out to one of the Counseling Agencies in your borough from the list below to start the application process. Click a borough, or press the enter key on a borough, to reveal the counseling agencies in that borough. 1451 East Gun Hill Road 2nd Fl.

Languages: English and Spanish Languages: English and Spanish Languages: English and Spanish NHS of Brooklyn CDC, Inc. 1000 Dean Street, Ste 420 Neighborhood Housing Services of Brooklyn Bedford Stuyvesant CDC 506 MacDonough Street, 1St Fl Languages: English and Spanish Neighbors Helping Neighbors Languages: English and Spanish Abyssinian Development Corporation 50 West 131st Street, Lower Level Languages: English and Spanish Harlem Congregations for Community Improvement Languages: English and Spanish NHS of NYC Homeownership Center 306 West 37th Street 11th Fl.

Languages: English and Spanish Asian Americans For Equality Languages: English, Mandarin, Cantonese Housing Partnership Development Corporation 253 West 35th Street, 3rd Fl. Asian Americans For Equality 133-29 41st Avenue, Suite 201 Languages: English, Mandarin, Cantonese Margert Community Corporation Languages: English and Spanish 60-20 Woodside Avenue 2nd Fl. Languages: English and Spanish 37-43 77th Street, 2nd Fl.

Jackson Heights, NY 11372 Languages: Bangla/Bengali, English, Hindi, and Urdu Neighborhood for A Sustainable Future Inc. Languages: English and Spanish Languages: English and Spanish Upon the successful completion of the Homebuyer Education class, prospective home buyers will receive a certificate that verifies their eligibility for the forgivable loan of up to $100,000 towards the down payment or closing costs on a new home.

After receiving the certificate, prospective homebuyers begin the path to homeownership. Step 1 : Present the certificate of eligibility to a participating lender for pre-approval on a mortgage loan. Step 2 : After receiving pre-approval from a participating lender, consult a reputable real estate professional to identify an affordable home.

Step 4 : Hire a real estate lawyer. Step 5 : Negotiate a contract of sale with the seller. The homebuyer education counselors will be available to assist program participants throughout the home buying process.

Program participants are encouraged to take advantage of this resource. The NYC Department of Housing Preservation and Development (NYCHPD) administers the HomeFirst Down Payment Assistance Program. Neighborhood Housing Services of New York City (NHSNYC) and The Center for New York City Neighborhoods (CNYCN) service the program on HPD's behalf.

As Loan Program Servicers both NHSNYC and CNYCN work with homebuyers and their counseling agency representative to: Request from the homebuyer copies of: HomeFirst Certificate of Eligibility Receive the HomeFirst application Verify eligibility of property based on location and type of property Verify income of mortgage applicants Verify eligibility of HomeFirst applicants Review pre-approval and verify lender is a participating lender Reserve funds for closing Receive copy of lender commitment letter Receive confirmation of closing date Release funds for closing