Date: 8/18/2005 12:33:50 PM Eastern Daylight Time
From: MyNYC@nyc.gov
To: reysmontj@aol.com
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Apartments and Homes for Rent or Sale
City Program Offers First-time Homebuyers Thousands of Dollars toward Down Payment on a Home
Tomas Vallejo, a mail clerk at John Jay College, is pictured above with Mayor Bloomberg. With the help the HomeFirst down payment assistance program, Vallejo bought his first home in Cypress Hills in Brooklyn.
Many New Yorkers want to buy a home but don't have enough money saved for their down payment and closing costs. Mayor Michael R. Bloomberg's Administration created a program to help prospective homebuyers.
First-time homebuyers can get the greater of 6% of a home's purchase price or $10,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative through the New York City Department of Housing Preservation and Development's (HPD) HomeFirst Down Payment Assistance program. Homebuyers must meet income requirements and take a homebuyer education course approved by HPD. Also, the home must be in one of HPD's Homeownership Zones in the Bronx, Brooklyn, Manhattan, Queens, or Staten Island.
To learn more about the HomeFirst Down Payment Assistance Program, visit the HPD website at http://nyc.gov/html/hpd/html/for-homebuyers/homefirst-downpayment.html
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HomeFirst Down Payment Assistance Program
Many New Yorkers want to buy a home but don't have enough money saved for their down payment and closing costs. As part of Mayor Bloomberg's "New Housing Marketplace Plan," the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with the greater of 6% of a home's purchase price or $10,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of HPD's Homeownership Zones in the Bronx, Brooklyn, Manhattan, Queens, or Staten Island.
To qualify for the loan, prospective homebuyers must:
be a first-time homebuyer; complete a homebuyer education course taught by an HPD-approved counseling agency; have their own savings to contribute to the down payment or closing costs; meet program income eligibility requirements ($50,250 is the maximum household income for a family of four.
Maximum annual income varies depending on family size) Click here for details about family composition and income limits; purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of HPD's Homeownership Zones in Manhattan, Brooklyn, the Bronx, Queens or Staten Island. Click here for a list of HPD homeownership zones.
To take the first step toward purchasing a home through the HomeFirst Down Payment Assistance Program, contact the following HPD-approved counseling agencies to register for homebuyer education training:
Bronx
NHS of the North Bronx
1178 East Gun Hill Road
Bronx, NY 10469
Tel: (718) 881-1180 x202
Languages: English and Spanish
NHS of the South Bronx
Concourse Plaza
200 East 161st Street
Bronx, NY 10451
Tel: (718) 992-5979
Languages: English and Spanish
Brooklyn
ACORN Housing Corporation
88 3rd Avenue, 3rd Floor
Brooklyn, NY 11217
Tel: (718) 246-8080
Languages: English and Spanish
Cypress Hills Local Development Corporation
3214 Fulton Street
Brooklyn, NY 11208
Tel: (718) 647-8100
Languages: English and Spanish
NHS of Bedford Stuyvesant
1012 Gates Avenue
Brooklyn, NY 11221
Tel: (718) 919-2100
Languages: English and Spanish
NHS of East Flatbush
2806 Church Ave
Brooklyn, NY 11226
Tel: (718) 469-4679
Languages: English
NHS of NYC
Homeownership Center
1 Hanson Place
19th Floor
Brooklyn, NY 11243
Tel: (718) 230-7610
Languages: English and Spanish
Neighbors Helping Neighbors
443 39th Street, Suite 202
Brooklyn, NY 11232
Tel: (718) 686-7946 x17
Languages: English and Spanish
Pratt Area Community Council
210 DeKalb Avenue
Brooklyn, NY 11205
Tel: (718) 522-2613
Languages: English
Manhattan
Asian Americans For Equality
111 Division Street
New York, NY 10002
Tel: (212) 964-2288
Languages: Mandarin, Cantonese, Korean
Abyssinian Development Corporation
4 West 125th Street
New York, NY 10027
Tel: (212) 368-4471
Languages: English and Spanish
Queens
Margert Community Corp.
19-31 Mott Avenue
Far Rockaway, NY 11691
Tel: (718) 471-3724
Languages: English and Spanish
NHS of Jamaica
89-70 162nd Street
Jamaica, NY 11432
Tel: (718) 291-7400 x13
Languages: English
NHS of Northern Queens
60-20 Woodside Avenue
2nd Floor
Woodside, NY 11377
Tel: (718) 457-1017
Languages: English and Spanish
Staten Island
NHS of Staten Island
West Brighton
1205 Castleton Avenue
Staten Island, NY 10310
Tel: (718) 442-8080
Languages: English and Spanish
Northfield Community Local Development Corporation
160 Heberton Avenue
Staten Island, NY 10302
(718) 442-7351
Languages: English
Upon the successful completion of the homebuyer education classes, prospective homebuyers will receive a certificate that verifies their eligibility for the forgivable loan of up to 6% of the home's purchase price. The certificate is valid for six months, with a concurrent six-month renewal period. After receiving the certificate, prospective homebuyers begin the path to homeownership.
Step 1: Present the certificate of eligibility to a participating lender for pre-approval on a mortgage loan.
Step 2: After receiving pre-approval from a participating lender, consult a reputable real estate professional to identify an affordable home.
Step 3: Hire a real estate lawyer.
Step 4: Negotiate a contract of sales with the seller.
The homebuyer education counselors will be available to assist program participants throughout the homebuying process. Program participants are encouraged to take advantage of this resource.
HomeFirst Down Payment Assistance Program Family Composition & Income Limits
Program participants must meet the following household size and income requirements to qualify for the forgivable loan to use toward the down payment or closing costs on a home in one of HPD's Homeownership Zones:
Family Size Maximum Household Income
1-person household $35,150
2-person household $40,200
3-person household $45,200
4-person household $50,250
5-person household $54,250
6-person household $58,300
7-person household $62,300
8-person household $66,300
Family size and household income based on area median income calculations established by the U. S. Department of Housing and Urban Development (HUD).
HomeFirst Down Payment Assistance Program Homeownership Zones
Participants in the HomeFirst Down Payment Assistance Program must purchase a one- to four-family home, a condominium, or a cooperative for owner-occupancy in one of the following HPD Homeownership Zones:
Manhattan - Morningside Heights/Hamilton Heights, Central Harlem, East Harlem, Washington Heights/Inwood;
Brooklyn - Williamsburg/Greenpoint, Bedford Stuyvesant, Bushwick, East New York/Starrett City, Sunset Park, North Crown Heights/Prospect Heights, Coney Island, Brownsville/Ocean Hill;
Bronx - Mott Haven/Hunts Point, Morrisania/Belmont, Highbridge/South Concourse, University Heights/Fordham, Kingsbridge Heights/Mosholu, Soundview/Parkchester;
Queens - Corona, South Jamaica, Rockaways, Long Island City;
Staten Island - St. George/Stapleton.
Neighborhood Housing Services of New York City (NHS)
Neighborhood Housing Services of New York City (NHS) will administer the program on HPD's behalf. As administrator, NHS will work with the homebuyer and the representative from the counseling agency to:
1) Request from the homebuyer copies of:
Homebuyer education certificate
HomeFirst Certificate of Eligibility
Bank pre-approval
Sales contract
2) Receive the HomeFirst application
Review signed contract
Verify eligibility of property based on location and type of property
Verify income of mortgage applicants
Review pre-approval and verify lender is a participating lender
3) Reserve funds for closing
4) Receive copy of lender commitment letter
5) Receive confirmation of closing date
6) Release funds for closing
Last Updated: August 18, 2005
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