HomeFirst Down Payment Assistance

The HomeFirst Down Payment Assistance Program promotes the acquisition of privately owned one- to four-family homes, cooperatives, and condominiums for owner-occupancy within the five boroughs of New York City by providing a forgivable loan of up to $40,000 for down payment or closing costs to qualified homebuyers earning up to 80 percent of Area Median Income (AMI). Upon successful completion of the homebuyer education classes, prospective first-time homebuyers will receive a HomeFirst Homebuyer Certificate issued by the City’s Department of Housing Preservation and Development (HPD) that verifies their eligibility for a HomeFirst forgivable loan of up to $40,000 toward down payment or closing costs on a new home.

Program Information

• Scale: Medium Scale (between 1,000 and 4,999 units)
• Timeframe: 2004 - Present
• Occupancy Tenure: Homeownership
• Building Type: One- to Four-family
• Income: Households must have an annual income of up to 80 percent of Area Median Income (AMI).
• Special Populations: First-time Homebuyers