Mayor Adams unveils $82m investment to boost homeownership

File Source: NYC.gov
New York City Mayor Eric Adams has announced a transformative $82 million investment aimed at making homeownership more achievable for New Yorkers.

The HomeFirst Down Payment Assistance Program, which helps first-time homebuyers with up to $100,000 toward a down payment or closing costs, is set to expand with an additional $41 million over the next five years. The program’s eligibility criteria will be broadened, now accepting applicants with incomes up to 120 percent of the area median income (AMI), doubling its reach and impact.

“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 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.”

The program’s expansion follows its success in providing support for over 1,100 New Yorkers in the past decade. The new funding brings the total program investment to $82 million, aiming to assist 1,000 more households over the next five years. Additionally, a new partnership with the Center for New York City Neighborhoods will streamline application processing to speed up services for prospective homeowners.

HPD Commissioner Adolfo Carrión Jr. expressed, “Expanding this program not only speaks to its success but also addresses the growing demand for affordable homeownership options and the need to speed up the process for families ready to take the next step.”

This expansion is part of the broader housing initiatives under Mayor Adams’ administration, which has focused on tackling New York City’s housing crisis through various investments, including a $112.4 billion fiscal year budget, increased housing capital funds, and policies aimed at creating more affordable housing options.

State and local officials have voiced strong support for the program’s expansion. “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. “We have consistently advocated for expanding New Yorkers’ access to affordable homeownership amidst our city’s housing crisis.”

The expanded HomeFirst Program reflects the city’s ongoing efforts to address housing affordability and economic mobility, helping families gain stability and build wealth through homeownership.