Homebuyer Dream Program® Plus
Homebuyer Dream Program® Plus (HDP® Plus) Overview
2024 Homebuyer Dream Program® Plus (HDP® Plus) Round Information
The 2024 HDP® Plus Round is scheduled to open on March 18, 2024,
with a total of $10.2 million in available grant funds.
We encourage you to review the HDP Plus Virtual Training materials in preparation for the round:
|HDP Plus Virtual Training Video
|HDP Plus Virtual Training Presentation
|(View HDP Plus Presentation with Parallel Spanish Translation)
The Federal Home Loan Bank of New York (FHLBNY) is excited to announce a new first-time homebuyer program for our members in 2024 – the Homebuyer Dream Program® Plus (HDP® Plus). This new program was created to further our efforts to increase access to homeownership for households in our District, and is a complementary program to our existing annual Homebuyer Dream Program® Round. HDP Plus will give our members the opportunity to provide grant funds to households earning greater than 80%, but not exceeding 120% to 150%, of the Area Median Income (AMI).
Similar to the existing HDP, HDP Plus will require members to sign up in advance for an allotment of funds. The FHLBNY has allocated $10 million to fund the 2024 HDP Plus Round. All members interested in participating in the 2024 HDP Plus Round are required to execute the HDP Plus Member Participation Agreement and submit it via email to [email protected] by February 9, 2024. HDP Plus will use the same File Transfer System as HDP. If you are not signed up for the FHLBNY File Transfer System, you can submit a File Transfer System Enrollment form to authorize users. Members that do not comply with this deadline will not be eligible to participate in the 2024 HDP Plus Round.
Key elements of HDP Plus:
- The maximum grant amount will be $19,500 per household with an additional $500 towards defrayment of nonprofit counseling agency costs for a maximum amount of $20,000
- Participating members may offer HDP Plus to households that meet the following income thresholds:
- New York and New Jersey: earning over 80% AMI, but not to exceed 120% AMI
- Puerto Rico and U.S. Virgin Islands: earning over 80% AMI, but not to exceed 150% AMI
- HDP Plus may only be administered within the FHLBNY District
2024 HDP Plus
- February 9 – HDP Plus Enrollment Deadline
- March 18 – HDP Plus Round Opens
- August 30 – Initial allotment period ends
- September 4 – Redistribution of unreserved allotments.*
- November 29 – HDP Plus Round Closes (may close earlier if funds are exhausted)
*The FHLBNY cannot guarantee all members with exhausted allotments will receive additional funds or that additional funds will become available.