Bridge Street Development Corporation (BSDC), an HPD-approved counseling agency, is now eligible to qualify first time homebuyers for the New York City Department of Housing Preservation and Development (HPD) HomeFirst Down Payment Assistance program. Created as part of former Mayor Bloomberg’s “New Housing Marketplace Plan”, the program offers qualified homebuyers with downpayment or closing cost assistance for the purchase of a 1-4 family home, cooperative, or condominium within New York City. Eligible recipients will be offered either 6% of the home’s purchase price, or $10,000 toward down payment or closing costs. Qualifications for the loan require that prospective homebuyers:
- Be first-time homebuyers
- Complete a homebuyer education course taught by an HPD-approved counseling agency
- Have their own savings to contribute to downpayment or closing costs
- Meet program income eligibility requirements
BSDC routinely offers several homebuyer education series throughout the year and will be offering its next 8-hour First Time Homebuyer certificate course in March of 2015. Sign up for the BSDC newsletter here to be notified when enrollment is open. More information on the HomeFirst Down Payment Assistance program’s requirements can be found at the NYC Affordable Housing Resource Center website.