HPD HomeFirst Down Payment Assistance Program

Administered by: NYC Department of Housing Preservation and Development (HPD) · City · Forgivable Loan

Funding status: Active

How much assistance

Up to $100,000 (Forgivable Loan)

Loans of $40,000 or less are forgiven after 10 years of owner-occupancy. Loans above $40,000 are forgiven after 15 years of owner-occupancy.

Eligibility

  • Income limits: Household income at or below 80% of Area Median Income (AMI) based on household size.
  • First-time buyer required: Yes — Must be a first-time homebuyer as defined by HUD.
  • Geographic restrictions: Must purchase a 1-4 family home, condominium, or cooperative in one of the five boroughs of New York City.
  • Homebuyer education required: Yes

How to Apply for HPD HomeFirst Down Payment Assistance Program

Step 1: Complete a homebuyer education course through an HPD-approved counseling agency. Work with Neighborhood Housing Services of NYC (NHSNYC) or the Center for NYC Neighborhoods (CNYCN) to apply. Contribute a minimum of 3% of the purchase price from your own funds. Property must pass a Housing Quality Standards (HQS) inspection.

Visit program website

Notes

Non-refundable application processing fee of $750 payable at closing. Program received additional $82 million in funding for 5-year expansion.

Cities Where This Program Is Available