January 30, 2025

  HomeFirst Down Payment Assistance Program Enhancement Expands Income Eligibility to Engage More New Yorkers, Partners with New Provider to Expedite Services

First Announced in  Mayor Adams’ Fourth State of the City Address, Today’s Enhancement Builds on Administration’s Commitment to Supporting Homeownership

NEW YORK – New York City Mayor Eric Adams and New York City Department of Housing Preservation and Development  (HPD) Commissioner Adolfo Carrion Jr. today announced the expansion of the HomeFirst Down Payment Assistance Program, which provides qualified first-time homebuyers with up to $100,000 toward the down payment or closing costs on a one-to-four family home, a condominium, or a co-op in one of the five boroughs. The expansions adds  $82 million over five years in new City funding, broadens income eligibility, and adds new nonprofit partner to expedite programmatic support. First announced in Mayor Adams’ fourth State of the City address, HomeFirst’s expansion is part of the administration’s commitment to make New York City the best place to raise a family. To learn more about HomeFirst, New Yorkers can visit nyc.gov/homefirst.  

“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. “For those families who need help closing a deal or putting down that down payment, our administration is here to the help. For the last decade, HomeFirst has been a powerful tool in providing New Yorkers with the resources to become homeowners. Today, we’re doubling down on our commitment, reaching more families, and increasing services. There’s no greater feeling than being handed the keys to a place you can call home. Thanks to today’s investment, more families will be even closer to making the dream of homeownership a reality.”  

“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. 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,” said HPD Commissioner Carrión Jr. “As someone who grew up in a family that transitioned from public housing to owning a home, I understand that homeownership isn’t just about holding a deed — it’s about securing stability, building economic opportunity, and giving families a reason to stay and invest in New York City.”  

HomeFirst has been a proven success in bringing the dream of homeownership closer to reality for New Yorkers. Over the past decade, HomeFirst has helped more than 1,100 New Yorkers on their path towards homeownership. The new HomeFirst expansion will include  doubling the program’s City funding to reach more New Yorkers than would be possible with the program’s existing Federal funding alone. The program will now accept applications from individuals and families earning up to 120 percent of the area median income (AMI), expanding eligibility beyond the prior limit of 80 percent of AMI. HPD will continue to partner with Neighborhood Housing Services of New York City (NHS) to qualify interested homeowners and will also now partner with the Center for New York City Neighborhoods to expand capacity and serve more first-time homebuyers.  

“At a moment when New Yorkers are struggling with the cost-of-living, HomeFirst puts the dream of affordable homeownership within reach for more New Yorkers. Access to down payment funds has been one of the biggest barriers New Yorkers face when trying to purchase a home in our high-cost market, especially for lower-income families and communities of color. Doubling the number of households that HomeFirst will serve is an important step towards a more affordable New York City,” said Christie Peale, Executive Director and CEO of the Center for NYC Neighborhoods. “We’re honored to partner with HPD in their expansion of the program and in turn help build more equity and stability for New Yorkers.”  

“Neighborhood Housing Services of New York City, Inc. (NHSNYC) is honored to be an administrator of the NYC HomeFirst Program. The expansion of New York City’s HomeFirst Program is a monumental step toward creating a more equitable housing landscape for first-time homebuyers in our city,” said Tonya Ores, Chief Executive Officer for Neighborhood Housing Services of New York City, Inc. (NHSNYC). “By extending eligibility to households earning up to 120% of the Area Median Income, we’re breaking down barriers to homeownership for more families and individuals. This would not be possible without the steadfast partnership between the New York City Department of Housing Preservation and Development (HPD), our newest partner, the Center for New York City Neighborhoods (CNYCN), along with the critical support from the AG’s settlement funds and the City’s capital. Together, we’re ensuring that more New Yorkers have access to stable and affordable housing opportunities, building stronger communities for generations to come.”  

"We are thrilled to support the expansion of the HomeFirst program, which will help even more New Yorkers achieve the dream of homeownership," said Emily McIntosh, Director of Homeownership Education at NYC Housing Partnership. "By increasing income eligibility to 120% of AMI and expanding the network of servicers, this initiative underscores the City's commitment to creating housing stability and equity pathways. Programs like HomeFirst are essential in bridging the affordability gap and empowering households to build generational wealth through homeownership."  

“For many years, AAFE Community Development Fund has been a proud partner with HPD in the Homefirst Down Payment Assistance Program,” said Thomas Yu, executive director of Asian Americans for Equality (AAFE). “We welcome the expansion of this vital program, broadening the income eligibility requirements to facilitate more loans to prospective first-time homebuyers. As New York’s housing market becomes more and more expensive, we must ensure that the dream of homeownership becomes attainable for middle-income households, especially in our underserved immigrant communities.”  

Mayor Adams had made historic investments toward creating affordable housing over the last three years. In June 2024, City Hall and the City Council agreed on an on-time, balanced, and fiscally-responsible $112.4 billion Fiscal Year (FY) 2025 Adopted Budget that invests $2 billion in capital funds across FY25 and FY26 to HPD and NYCHA’s capital budgets. In total, the Adams administration has committed a record $26 billion in housing capital in the current 10-year plan as the city faces a generational housing crisis. In July 2024, Mayor Adams announced back-to-back record breaking years in both creating and connecting New Yorkers to affordable housing. This past spring, the city celebrated the largest 100 percent affordable housing project in 40 years with the Willets Point transformation.  

Further, the Adams administration is using every tool available to address the city’s housing crisis. Mayor Adams announced multiple new tools, including a $4 million state grant, to help New York City homeowners create accessory dwelling units that will not only help them to afford to remain in the communities they call home, but also to build generational wealth for families.   

Last year, Mayor Adams and members of his administration successfully advocated for new tools in the 2024 New York state budget that will spur the creation of urgently needed housing. These tools include a new tax incentive for multifamily rental construction, a tax incentive program to encourage office conversions to create more affordable units, lifting the arbitrary “floor-to-area ratio” cap that held back affordable housing production in certain high-demand areas of the city, and the ability to create a pilot program to legalize and make safe basement apartments.    

Additionally, under Mayor Adams’ leadership, the city is fulfilling its 2024 State of the City commitment to build more affordable housing, including reopening the Section 8 Housing Choice Voucher program waitlist after being closed to general applications for nearly 15 years and creating the Tenant Protection Cabinet to coordinate across agencies to better serve tenants. The city has also taken several steps to cut red tape and speed up the delivery of much-needed housing, including through the “Green Fast Track for Housing,” a streamlined environmental review process for qualifying small- and medium-sized housing projects; the “Office Conversion Accelerator,” an interagency effort to guide buildings that wish to convert through city bureaucracy; and other initiatives of the Building and Land Use Approval Streamlining Taskforce. 

 “I am glad New York City is expanding the HomeFirst Down Payment Assistance Program, an important initiative to help first-time homebuyers with funding, counseling, and resources throughout the homeownership process,” said New York State Senator and Housing Committee Chair Brian Kavanagh. “Supporting New Yorkers in achieving homeownership is crucial for the growth and stability of individual families and whole communities. I appreciate the city’s work on this, and I look forward to continuing our efforts to expand homeownership opportunities across the state."  

“In an era of housing scarcity and an affordability crisis, we must do everything we can to help New Yorkers reach their dream of homeownership,” said New York State Assemblymember Jenifer Rajkumar. “It is a transformative experience for families, bringing stability, building equity, and producing intergenerational wealth. The HomeFirst Down Payment Assistance Program will provide homebuyers with up to $100,000 to purchase the home of their dreams. I am proud of my work to expedite affordable housing production in New York City, passing my bill to modernize project delivery, and leading the charge for innovative construction with my 3-D printed housing bill. Together, we will implement every solution so that all New Yorkers have safe, affordable housing.”  

“Owning a home truly is the American Dream for so many Americans, both for long-time residents of our country and for those who have recently immigrated here,” said Queens Borough President Donovan Richards Jr. “The HomeFirst Down Payment Assistance Program is a great way to bring that dream within reach for so many more New Yorkers. I'm very pleased with the expansion of this program and am so glad that more and more Queens residents will be able to take advantage of it.”  

“Homeownership lays the critical foundation for New Yorkers to access opportunities that sustain their remaining in the city they call home,” said New York City Council Speaker Adrienne Adams. “The City Council is proud to have called for this additional funding in its ‘City for All’ housing agenda and secured it through our negotiations on the ‘City of Yes for Housing Opportunity’ text amendment. We have consistently advocated for expanding New Yorkers’ access to affordable homeownership amidst our city’s housing crisis, and we will continue to fight for more of these pathways to economic mobility.”   

“Expanding access to homeownership is a critical step toward addressing New York City’s affordability crisis and closing the racial wealth gap,” said New York City Council Majority Whip Selvena N. Brooks-Powers. “The HomeFirst Down Payment Assistance Program has been a lifeline for first-time homebuyers and this expansion will provide even more New Yorkers with the opportunity to achieve the dream of homeownership. By broadening income eligibility and expediting services, this program is a win for working families across the five boroughs, especially in communities like Southeast Queens, where homeownership has long been a pathway to stability and generational wealth. I look forward to continuing our work with the Adams administration to bring homeownership within reach for more families.”  

“New Yorkers deserve greater access to affordable homeownership—and today, the expansion of HomeFirst delivers on the commitment the City Council has prioritized and secured through ‘City for All,’” said New York City Councilmember and Housing and Buildings Committee Chair Pierina Sanchez. “Affordable homeownership can deliver financial stability, generational wealth, and community belonging to New Yorkers throughout the city. With doubled funding and expanded eligibility for the HomeFirst Down Payment Assistance Program, our neighbors will receive the financial and technical support they need to secure a down payment or closing cost on their first home. The expansion includes doubling capital income, broadening applicant eligibility from 80 AMI to 120 AMI, and partnerships with non-profits to share resources with interested first-time homebuyers. I applaud the leadership of the City Council and this commitment from HPD to deliver affordable homeownership for low- to middle-income New Yorkers.”   

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