Mayor Eric Adams and the New York City Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. announced the expansion of the HomeFirst Down Payment Assistance Program, doubling the city’s investment in the initiative to $82 million over the next five fiscal years.
The program provides up to $100,000 in down payment or closing cost assistance to eligible first-time homebuyers purchasing one-to-four family homes, condominiums, or co-ops across the five boroughs. The expansion includes $41 million in new funding, broadens income eligibility, and adds a nonprofit partner to expedite support services, according to a press release.
Adams said the relief would help New Yorkers achieve the American Dream of home ownership and enable them to acquire generational weath for their families.
“To continue to be the best place to raise a family, our administration is putting the quintessential American Dream — owning a home — within reach for 1,000 more New York City households over the next five years,” said Adams.
Previously, HomeFirst was limited to applicants earning up to 80% of the area median income. The new expansion raises the threshold to 120% of AMI, allowing more households to qualify. The city will also partner with the Center for New York City Neighborhoods alongside the existing contract with Neighborhood Housing Services of New York City to process applications and support prospective homeowners.
Since its inception, HomeFirst has assisted more than 1,100 New Yorkers in purchasing homes. City officials expect the program’s expansion to help an additional 1,000 households over the next five years.
New Yorkers interested in the HomeFirst Down Payment Assistance Program can find more information on HPD’s website.
