First-Time Homebuyers in New York City Could Get Up to $100,000 in Assistance

First-time homebuyers in New York City may be eligible for financial assistance of up to $100,000 under the HomeFirst Down Payment Assistance Program. The money can help eligible buyers pay their down payment or closing costs when purchasing a home.

The program is available to eligible residents of New York City’s five boroughs: Queens, Brooklyn, the Bronx, Manhattan, and Staten Island.

The New York City Department of Housing Preservation and Development (HPD) runs the program to help families who struggle to buy homes because of rising property prices and high upfront costs.

Under the program, eligible buyers can receive assistance to purchase a home suitable for one to four families, a condominium, or a cooperative apartment.

To qualify, applicants must be first-time homebuyers. This generally means they must not have owned a home during the past three years. The purchased property must also be their primary residence.

Applicants must meet the program’s income limits, with household income no higher than 120% of the area’s median income. They must also complete a homebuyer education course through an HPD-approved organization.

In addition, buyers must be able to contribute at least 3% of the purchase price toward the down payment using their own funds.

The financial assistance is generally provided as a forgivable loan rather than a direct grant. The loan may be fully forgiven if the buyer lives in the home for the required period and meets all other program conditions.

The program aims to make homeownership more accessible to families who might otherwise find it difficult to afford a home in New York City.

Note: Applicants should check the official HPD program guidelines for current eligibility requirements and loan conditions.