NHSNYC Homebuyer Forgivable Loan Program

Administered by: Neighborhood Housing Services of New York City (NHSNYC) · Nonprofit · Forgivable Loan

Funding status: Active

How much assistance

$12,500 to $40,000 (Forgivable Loan)

Forgivable over the compliance period with continued owner-occupancy.

Eligibility

  • Income limits: Household income at or below 120% of Area Median Income (AMI).
  • First-time buyer required: Yes — Must be a first-time homebuyer.
  • Geographic restrictions: Must purchase in one of the five boroughs of New York City.
  • Homebuyer education required: Yes

How to Apply for NHSNYC Homebuyer Forgivable Loan Program

Step 1: Attend an NHSNYC homebuyer orientation seminar. Complete a one-on-one counseling session. Enroll in the 8-hour homebuyer education course. Apply through NHSNYC for the forgivable loan.

Visit program website

Notes

NHSNYC is a federally certified CDFI and NeighborWorks America affiliate. Also services HPD HomeFirst program. Monthly mortgage payment typically does not exceed 36% of total household income.

Cities Where This Program Is Available