Many New Yorkers want to purchase a home but have difficulty saving enough money to make the down payment. The HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $15,000 toward the down payment or closing costs on a 1-4 family home, a condominium or a cooperative in one of the five boroughs of New York City.
AAFE Community Development Fund is an approved counseling agency for this program, which is made possible through New York City’s Department of Housing Preservation and Development (HPD).
To qualify for a loan, you must:
- Be a first-time homebuyer
- Complete a homebuyer education course offered through AAFE Community Development Fund.
- Have your own savings to contribute to the down payment or closing costs.
- Meet program income eligibility requirements ($72,050 is the maximum household income for a family of four. Maximum annual income varies depending on family size).
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City.
- Pass a Housing Quality Standards (HQS) inspection before purchase.
- Live in the home for at least 10 years.
Upon the successful completion of the homebuyer education class, each prospective homebuyer will receive a certificate that verifies his/her eligibility for the forgivable loan of up to $15,000 towards the purchase of a home. The certificate is valid for six months, with a concurrent six-month renewal period.
Homebuyer education counselors are available to assist program participants throughout the home buying process. Program participants are encouraged to take advantage of this resource.
How to apply:
If you are eligible and would like to apply please Contact Us or