Directory of New York City Affordable Housing Programs

Program (?) NYPD Home
Alternative Name(s) Employer Assisted Housing
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 N/A
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family, One- to Four-family
Construction Type Not Applicable
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) No Restrictions
Other Targeting Information (?) Must be uniformed member of the NYC Police Department
More Information NYC HPD

NYPD Home was an employer-assisted housing program administered by HPD. Uniformed members of the New York City Police Department (NYPD) who successfully completed two-year probationary periods were eligible to receive 95 percent to 100 percent mortgage financing for primary homes purchased in New York City. Lenders also contribute up to $3,500 per loan in closing costs. The home could be a condominium, cooperative, or single-, two-, or three-family home.

After loan origination, the loan was sold to Fannie Mae if it met conforming loan limits. Low-cost mortgage insurance in the program was provided by the New York City Residential Mortgage Insurance Corporation (REMIC). In order to participate, every purchaser was required to participate in a homeownership counseling course, and a landlord-tenant education course, if applicable. Police officers with unsatisfactory credit profiles were eligible to participate in NYPD Home after successfully completing a credit counseling program arranged by a participating lender.

« Back