The program offers up to $ 100,000 in forgivable loans to cover a portion of down payments or closing costs. On October 4, 2021, the Ministry of Housing Preservation and Development announced the first expansion of its âHomeFirstâ down payment assistance program. The HomeFirst program provides financial assistance in the form of a forgivable loan to first-time homebuyers to purchase a New York home by helping to cover a portion of down payments or closing costs.
The objective of the program is to increase the number of affordable housing for low-income first-time buyers, the price of which is too often set in many neighborhoods. The program will now offer forgivable loans of up to $ 100,000 to support eligible homebuyers. Eligible applicants can earn up to 80% of the region’s median income, or $ 86,000 for a family of three. Participants must complete a training course for homebuyers, save on the purchase price, and live in their home for up to 15 years to receive full loan forgiveness under the program. The program also provides first-time home buyers with advice on how to navigate the home buying process.
The program was launched in 2004 and has helped more than 3,000 homeownership households across the city. The program is administered by the Neighborhood Housing Services of New York City, and the program is funded by the US Department of Housing and Urban Development. To learn more about the program and how to apply, click here.
HPD Commissioner Louise Carroll said: âThis major expansion in fundraising support is a great victory for equity and diversity as it addresses one of the biggest barriers to home ownership for low income families and families of color. Enabling more families to own homes, build wealth for their children, and take ownership of their communities is a key strategy in realizing our vision of a more equitable New York City.
Neighborhood Housing Services of NYC, Inc. CEO Derrick Griggs said: âOver 80% of NHSNYC clients represent BIPOC communities. The increase in available funds addresses the biggest barrier our clients face when looking to become homeowners. The NHSNYC is delighted to continue to administer this program with HPD.
Through: Veronique Rose (Veronica is the CityLaw Scholar and New York Law School Graduate, Class of 2018.)