NYC is Offering Low-Income, First-Time Homebuyers $100K Toward Down Payments
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. 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.
According to the city’s Where We Live NYC Plan, the racial disparities in homeownership rates are severe and residents of color face more obstacles when buying a home than white residents. In New York City, 28 percent of Black families and 17 percent of Hispanic families own their homes, compared to 41 percent of white families.
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