With the goal of making the home buying process in New York more equitable, the city is expanding its existing down payment assistance program by more than double, 6sqft.com reported.
The Department of Housing Preservation and Development announced on Monday it will offer up to $100,000 toward down payments or closing costs to first-time homebuyers who earn up to 80 percent of the area median income (AMI), a major increase from the $40,000 in forgivable loan offered by the city previously.
The HomeFirst Down Payment Assistance Program, which first launched in 2004, addresses the lack of affordable homes for low-income New Yorkers, especially in transit and amenity-rich neighborhoods they reported.
The city administers the program through the Neighborhood Services of New York City and it is funded by the U.S. Department of Housing and Urban Development. The program has helped more than 3,000 households become homeowners since 2004, according to the city.
There are several eligibility requirements a prospective homebuyer must meet in order to qualify for the program, designated for those buying a one-to-four family home, a condominium, or a cooperative that falls within the approved purchase price limit, 6sqft.com reported.
To qualify for the assistance, a homebuyer must:
-Be a first-time homebuyer
-Have a gross annual income at or below 80 percent of the area median income
-Complete a homebuyer education course approved by HPD
-Contribute a minimum of 3 percent of the purchase price toward the down payment, with 1 percent of the contract deposit sourced from the buyer’s own funds
-Have an employment record, sufficient financial resources, and credit to obtain a mortgage from a bank that is a regulated financial institution
-Pass a Housing Quality Standards inspect before purchase
-Live in the home for at least 15 years to receive the full benefits of the loan forgiveness program.
Get more details on the HomeFirst Down Payment Assistance Program here.
Wish I had known about this before I moved out of CH 😢
Now that i know about this i might move to crown heights 😁
The purchase limit is 580k, there is nothing available for that price in crown heights, so it wouldn’t have helped you anyway
Unless you convince the seller to sell at 580 and on the side make up the difference
Where does it say $580 is the max ?
How do i get that picture?!
They see how the city is going down the drain and are trying to retain people. Lots of stipulations to keep that $ penalty free- you have to live in the home for 15 years…