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HomeFirst Down Payment Assistance Program

Program (?) HomeFirst Down Payment Assistance Program
Program Description

The HomeFirst Down Payment Assistance Program provided qualified homebuyers with the lesser of $15,000 or six percent of a home’s purchase price toward the down payment or closing costs on a single- to four-family home, a condominium, or a cooperative in any borough throughout New York City. The property purchased with HomeFirst assistance must meet federal housing quality standards. The program began in 2004, when HPD originally received an allocation from the federal American Dream Downpayment Initiative (ADDI) to fund the HomeFirst Down Payment Assistance Program. After ADDI was eliminated by Congress, HPD at various times has also used CDBG and city capital funds for this program. In order to qualify, the purchaser must be a first-time homebuyer, contribute toward the purchase out of household savings, complete homeownership counseling training approved by HPD, meet income requirements, and stay in the home for at least ten years.

Benefit Classification (?)  
Supply or Demand Demand
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 2004-2011
Developer/Owners (?) Owner-Occupant
Property Information (?)  
Property Occupancy Occupied, Vacant
Property Type Building
Building Type One- to Four-family
Construction Type Not Applicable
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Low-Income
Other Targeting Information (?) Only first time homebuyers are eligible
More Information NYC HPD
Available on CoreData.nyc? No

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