{"id":546,"date":"2025-01-30T20:12:00","date_gmt":"2025-01-31T01:12:00","guid":{"rendered":"https:\/\/council.nyc.gov\/shahana-hanif\/?p=546"},"modified":"2025-02-05T20:13:40","modified_gmt":"2025-02-06T01:13:40","slug":"nyc-council-responds-to-release-of-funding-increase-it-secured-for-homefirst-down-payment-assistance-program-in-city-for-all-housing-plan-during-negotiations-on-city-of-yes","status":"publish","type":"post","link":"https:\/\/council.nyc.gov\/shahana-hanif\/2025\/01\/30\/nyc-council-responds-to-release-of-funding-increase-it-secured-for-homefirst-down-payment-assistance-program-in-city-for-all-housing-plan-during-negotiations-on-city-of-yes\/","title":{"rendered":"NYC Council Responds to Release of Funding Increase It Secured for HomeFirst Down Payment Assistance Program in City For All Housing Plan During Negotiations on City of Yes"},"content":{"rendered":"

January 30, 2025<\/a><\/p>\n

Enhancement expands program and its income eligibility for more working-class New Yorkers to access affordable, first-time homeownership opportunities<\/em><\/p>\n

City Hall, NY \u2013<\/strong> Today, the New York City Council celebrated the release of expanded funding for the HomeFirst Down Payment Assistance Program<\/a> that it secured as part of its City for All<\/a> housing plan following negotiations on the Department of City Planning\u2019s housing text amendment. The program 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 new funding will provide increased first-time homeownership opportunities to more New Yorkers at a time when the cost of buying a home in the city has risen and become less attainable.<\/p>\n

The Council first called for expanding<\/a> the program\u2019s funding and income-eligibility when releasing its City for All<\/em> housing plan<\/a> on November 1 in response to a lack of investments in the mayoral administration\u2019s proposed City of Yes for Housing zoning reforms. The Council secured the funding in its final agreement on the modified citywide zoning text amendment that doubled the City\u2019s investment with an additional<\/a> $41 million and wider eligibility for more moderate-income New Yorkers \u2013 up to 120% Area Media Income (AMI) \u2013 to access homeownership.<\/p>\n

\u201cHomeownership lays the critical foundation for New Yorkers to access opportunities that sustain their remaining in the city they call home,\u201d said Speaker Adrienne Adams<\/strong>. \u201cThe 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. We have consistently advocated for expanding New Yorkers\u2019 access to affordable homeownership amidst our city\u2019s housing crisis, and we will continue to fight for more of these pathways to economic mobility.\u201d<\/p>\n

This win was secured by the Council as part of its City for All<\/a> priorities in negotiations over the City of Yes: Zoning for Housing Opportunity zoning reform plan. City for All is the Council\u2019s inclusive housing plan to holistically address New Yorkers\u2019 wide range of housing challenges with policy actions and investments and is focused on advancing a more affordable, livable, and sustainable city for all New Yorkers, calling for deeper affordability in housing, increased affordable homeownership and housing preservation efforts, investments in community infrastructure, stronger tenant protections, better use of housing vouchers, and increased capacity for housing agencies.<\/p>\n

\u201cHomeownership is not just a dream\u2014it\u2019s a pathway to stability, equity, and generational opportunity,\u201d said Council Member Kevin C. Riley<\/strong>. \u201cWith the NYC Council\u2019s expanded funding for the HomeFirst Down Payment Assistance Program, more first-time homebuyers will now have the chance to plant roots and build a future in the city they call home. This critical investment, secured through the City for All housing plan, ensures that in a time of rising costs and growing barriers, New Yorkers have greater access to affordable homeownership. Together, we\u2019re fostering stronger families, vibrant communities, and a city where opportunity is within reach for all.\u201d<\/p>\n

\u201cNew Yorkers deserve greater access to affordable homeownership\u2014and today, the expansion of HomeFirst delivers on the commitment the City Council has prioritized and secured through City for All,\u201d said Council Member Pierina Sanchez, Chair of the Committee on Housing and Buildings.<\/strong> \u201cAffordable 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 area median income (AMI) to 120 AMI, and partnerships with non-profits to share resources with interested first-time homebuyers. I applaud the leadership of the Council and this commitment from HPD to deliver affordable homeownership for low- to middle-income New Yorkers.\u201d<\/p>\n

\u201cWith the highest percentage of renters versus homeowners in New York City, East Harlem and the South Bronx need HomeFirst,\u201d said Deputy Speaker Diana Ayala<\/strong>. \u201cBy increasing the number of homeowners, HomeFirst will bring pride of ownership, long term affordability, and financial stability to our neighborhoods. By making possible the purchase of a home with as little as 1% down, with up to $100,000 towards a down payment and closing costs, HomeFirst puts an East Harlem or South Bronx home within reach of more working families.\u201d<\/p>\n

\u201cIt is unacceptable that working- and middle-class families are being pushed out of the city they call home due to housing instability and rising costs,\u201d said Majority Leader Amanda Farias<\/strong>. \u201cThe HomeFirst Down Payment Assistance Program will be instrumental in addressing the needs of New Yorkers who want to put down roots while supporting their families. I\u2019m grateful to the leadership of Speaker Adams on our City for All housing priorities and proud of the work the Council did to secure this funding during City of Yes negotiations. This is one key part of our larger efforts towards keeping New Yorkers in New York City, making our communities stronger, and building a sustainable future for our city.\u201d<\/strong><\/p>\n

\u201cOur city is dealing with an affordability crisis, and we must take action in a thoughtful way,\u201d said Majority Whip Selvena N. Brooks-Powers.<\/strong> \u201cWorking and middle-class families looking to purchase homes and build intergenerational wealth simply cannot afford to do so without a meaningful change, and the expanded funding for HomeFirst will enable them to do so. I thank Speaker Adams for her leadership and advocacy on this critical issue, and I look forward to continuing our collaboration to ensure we meet our city\u2019s needs comprehensively.\u201d<\/p>\n

\u201cAffordable homeownership has been a cornerstone for families in Upper Manhattan to build wealth and create a brighter future for generations to come,\u201d said Council Member Shaun Abreu<\/strong>. \u201cBy expanding funding for the HomeFirst Down Payment Assistance Program through our City for All housing plan, we\u2019re making that opportunity accessible to even more New Yorkers. This initiative is a game-changer for young families, preserving the dream of homeownership and empowering them to build generational wealth, even as housing costs continue to rise.\u201d<\/p>\n

\u201cThe HomeFirst Down Payment Assistance Program will be crucial for opening up homeownership opportunities to lower income families,\u201d said Council Member Alexa Aviles<\/strong>. \u201cNow, more New Yorkers will access safe and secure homes with up to $100,000 in assistance on their down payments. I know this funding victory will assist potential new homeowners in my district and promote economic development for everyday New Yorkers.\u201d<\/p>\n

\u201cNew Yorkers deserve the opportunity to build a stable future through homeownership,\u201d said Council Member Shekar Krishnan<\/strong>. \u201cBy expanding the HomeFirst Down Payment Assistance Program, we are breaking down barriers to homeownership for working-class families. This initiative is a bold step towards housing justice and a truly affordable city, and I am proud to stand with Speaker Adams and advocates to ensure that more New Yorkers can call this city home for generations to come.\u201d<\/p>\n

\u201cWith housing costs soaring, buying and owning a home increasingly feels out of reach for too many New Yorkers,\u201d said Council Member Shahana Hanif<\/strong>. \u201cI\u2019m incredibly proud of this Council, under Speaker Adams\u2019 leadership, for taking action to close this gap by doubling funding for the HomeFirst Down Payment Assistance Program as part of our City For All commitments. This expanded funding will provide comprehensive financial support and counseling for first-time homeowners and will increase pathways to homeownership that foster stability, equity, and healthier communities across our City.\u201d<\/p>\n

\u201cExpanding the HomeFirst Down Payment Assistance Program is a game-changer for working-class New Yorkers who dream of owning a home but have been priced out of the market for too long,\u201d said Council Member Rita Joseph<\/strong>. \u201cBy increasing funding and broadening income eligibility, we\u2019re taking a bold step toward ensuring that first-time homeownership is not just an aspiration but an achievable reality for more families in our city. This is about creating pathways to stability, equity, and generational wealth for those who need it most.\u201d<\/p>\n

\u201cHomeownership remains elusive to working class households, especially families of color,\u201d said Council Member Sandy Nurse<\/strong>. \u201cBut thanks to this Council, we have doubled HomeFirst funding with $41 million to help make buying a home that much easier for first-time homebuyers. I thank Speaker Adams for her leadership through these difficult negotiations, and I\u2019m proud to help deliver housing security for my constituents looking to buy their first home.\u201d<\/p>\n

\u201cToday marks a significant step forward in our commitment to making homeownership more accessible for all New Yorkers,\u201d said Council Member Dr. Nantasha Williams.<\/strong> \u201cThe increased funding for the HomeFirst Down Payment Assistance Program, secured through the City Council\u2019s City for All housing plan, will provide critical support to first-time homebuyers who have long faced barriers to achieving the dream of owning a home in our city. At a time when rising housing costs have made homeownership increasingly out of reach, this investment ensures that more families can build generational wealth and stability in the communities they love.\u201d<\/p>\n

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January 30, 2025<\/a><\/p>\n

Enhancement expands program and its income eligibility for more working-class New Yorkers to access affordable, first-time homeownership opportunities<\/em><\/p>\n

City Hall, NY \u2013<\/strong> Today, the New York City Council celebrated the release of expanded funding for the HomeFirst Down Payment Assistance Program<\/a> that it secured as part of its <\/p>\n

…<\/p>\n

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