
The New York City Council announced the release of expanded funding for the HomeFirst Down Payment Assistance Program, a key achievement secured during negotiations on the City of Yes housing reforms. The enhanced program provides first-time homebuyers with up to $100,000 toward down payments or closing costs on homes across the five boroughs, with expanded income eligibility to benefit more working-class New Yorkers.
The Council first called for this expansion in its City for All housing plan, citing the need for deeper affordability and increased homeownership opportunities amid the city’s rising housing costs. Through negotiations, the Council secured an additional $41 million in funding and raised the program’s income eligibility to 120% of Area Median Income (AMI), allowing more moderate-income New Yorkers to qualify.
City officials hailed the expansion as a vital step in promoting financial stability, generational wealth, and community belonging. Council leaders emphasized that homeownership remains critical for economic mobility and that this investment helps make homeownership attainable for more families. The expansion also includes partnerships with nonprofits to provide financial counseling and resources for first-time buyers.
With New Yorkers facing an affordability crisis, the Council framed this initiative as part of a broader strategy to keep residents in the city, strengthen communities, and create a more sustainable future. As housing costs continue to rise, the expanded HomeFirst program is positioned to provide long-term affordability and stability for working- and middle-class families across New York City.