Down-Payment & Closing-Cost Assistance
HomeFirst Down-Payment Assistance Program: 7/26/2022 UPDATE
New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down-Payment Assistance Program to help homeowners put more money down toward a property, lowering their monthly mortgage payment.
This program provides qualified home buyers with up to $100,000 or 20% of the purchase price of the home toward the down-payment or closing costs on a 1- to 4-family home, a condominium, or a cooperative in any of the five boroughs of New York City.
To qualify for the program through us, a prospective home buyer must meet all of the following criteria:
Be a first-time home buyer
Complete a home buyer education program (counseling and a 10-hour class)
Have his/her own savings to contribute to down-payment or closing costs
Meet program income eligibility requirements. (See chart on this page of FY 2022-2023 limits. Future limits may be different.) NOTE: Income limits have changed. If you were not income-eligible before and there has been no change in your income, you may be eligible now.
Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
Home purchased must pass a Housing Quality Standards (HQS) inspection before purchase
Home purchased must be the primary residence for at least 15 years, if grant if more than $40,000 and for 10 years if the grant is $40,000 or less.
Other eligibility criteria and restrictions may apply, including purchase price limits.
FOR MORE INFORMATION: Please register for our next webinar for more details.
HomeFirst applications may be submitted by the homeownership counselor after one-on-one counseling with eligible home buyers.
The following chart applies to both of the above assistance programs.
Maximum Household Income
effective June 1, 2022*
Family size and household income based on area median income (AMI) calculations established by the U.S. Department of Housing and Urban Development (HUD), as listed on the website of NYC Housing Preservation and Development here.
* Limits subject to change. Must reside in home purchased for at least 10 years.
There are also purchase price limits for this grant based upon the number of units in the property purchased. Find purchase price limits, unit limits, and other terms here.