First Home Clubsm Approved Counseling Agencies
List of Approved Counseling Agencies
Click here for a list of approved counseling agencies eligible to provide First Home Club participants homeownership counseling that may qualify for a First Home Club grant.
How to Become an Approved Counseling Agency
Participating Members would complete a “Counseling Agency Participation Form” [FHC-116] and submit directly to fhc@fhlbny.com along with supporting materials.
Mortgage Affordability
Members and Counseling Agencies are encouraged to review the Federal Home Loan Bank’s Affordable Housing Program Guidelines for Determining Mortgage Affordability [AHP-136] prior to enrolling participants and closing on a their first-home.
Advisement to Not-For-Profit Housing Counseling Agencies
Compensation provided to private, not-for-profit corporations who provide credit counseling, home ownership counseling, or other financial services to participant households in the FHC may potentially risk their non-profit designation. Members are advised against providing such agencies with any legal counsel and should direct them to check with their own legal advisors in order to ensure that the products they are offering do not separately require exemption from the registration requirements subject to compliance with the applicable provisions of Article 12-D of the New York State Banking law and Part 39 of the General Regulations of the Banking Board.
Non-Profit Housing Agencies doing business in other areas of the HLB's District (i.e., New York, New Jersey, Puerto Rico, and the Virgin Islands) should also seek the advice of their own legal counselors as a prudent business practice.
