New York City expanded the HomeFirst Down Payment Assistance Program to allow more New Yorkers to receive financial assistance to put down roots in one of the five boroughs. Here’s how to qualify.
13:00 ET, 27 Oct 2025Updated 13:00 ET, 27 Oct 2025
New Yorkers can now receive $100k toward their first home through the HomeFirst Down Payment Assistance Program (Image: Getty Images)
New Yorkers on the search to buy their first home will be able to receive financial assistance through a special program this year.
The city’s HomeFirst Down Payment Assistance Program provides prospective first-time homebuyers with the opportunity to receive up to $100,000 to put toward the down payment or closing costs for a one- to four-unit family home, condominium, or a cooperative in one of the five boroughs.
Mayor Eric Adams and New York City Department of Housing Preservation and Development (HPD) Commissioner Adolfo Carrión Jr. announced this expansion of first-time homebuyer benefits earlier this year. The city expanded the program by adding $41 million in funding, which doubled the city’s investment to $81 million.
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The goal is to broaden the program’s income eligibility and make the city a more affordable place to live and the best place to raise a family, per the press release.
Any little bit of government assistance helps when it comes to planting down roots in New York City. According to Realtor.com, out of the city’s 235 neighborhoods, the current median listing price to buy a home is $825,000, with a median listing home price of $761 per square foot.
“To continue to be the best place to raise a family, our administration is putting the quintessential American Dream — owning a home — within reach for 1,000 more New York City households over the next five years,” said Mayor Adams in a statement.
“Over the past few years, HomeFirst has proven to be a powerful tool, opening the door to homeownership for families who dreamt it, but never thought it possible,” added HPD Commissioner Carrión Jr. “Expanding this program not only speaks to its success, but also addresses the growing demand for real, affordable homeownership options and the need to speed up the process for families ready to take the next step.”
Prospective homeowners can get the keys to their first New York City home through HomeFirst program(Image: Getty Images)How to meet the eligibility requirements for the HomeFirst Program
If you’re interested in this program, these are the requirements you will need to meet, according to the HPD:
Be a first-time homebuyerTake a homebuyer education course from a counseling agency approved by the HPDWork with the counseling agency to complete the 2025 HomeFirst Loan ApplicationPay for at least 3 percent of the home’s total purchase price from your own savings and meet the income eligibility requirementsPurchase a one- to four-unit family home, a condominium, or a cooperative for owner occupancy in one of the five boroughsPass the home inspectionMust live in the home for a certain amount of years:10 years if the loan received is less than or equal to $40,00015 years if the loan is greater than $40,000Loans from the city require occupants to live in the home for 15 years, regardless of loan amountMust fit into these maximum income requirements:1-person household: $136,0802-person household: $155,5203-person household: $174,9604-person household: $194,4005-person household: $210,0006-person household: $225,6007-person household: $241,0808-person household: $256,680
After the homebuyer completes the course, they will receive a certificate that verifies their eligibility for the forgivable loan of up to $100,000 to put toward their home’s closing costs or down payment.
Prospective homeowners can head to HomeFirst for more information on securing their first home in New York City.