Homebuyer Dream Program®
Homebuyer Dream Program® (HDP®) Overview
The 2024 HDP® round closes November 29, 2024
COMING SOON IN 2025
The Federal Home Loan Bank of New York (FHLBNY) is pleased to offer the following suite of housing programs in the first quarter of 2025: Homebuyer Dream Program® (HDP®), Homebuyer Dream Program® Plus (HDP® Plus) and introducing the new Homebuyer Dream Program Wealth Builder® (HDP® Wealth Builder). The upcoming training sessions will provide a review of each program criteria and in-depth technical training. In order to familiarize yourself with the 2025 HDP round, we encourage you to attend one of the upcoming training sessions:
Homebuyer Dream Program Suite Training Sessions | |
Tuesday, December 10, 2024, 10:00 AM – 12:00 PM | (Virtual Event) |
Thursday, December 12, 2024, 10:00 AM – 12:00 PM | (Virtual Event*) |
Tuesday, December 17, 2024, 10:00 AM – 12:00 PM | (Virtual Event) |
We look forward to your participation in an upcoming training session and value your ongoing commitment to expanding investment in the communities we serve.
*Spanish language interpreter will be provided for the December 12 session.
*Se proporcionarán intérprete de español para las sesion del 12 de diciembre.
The HDP is a Homeownership Set-Aside program managed within regulatory requirements established by the Federal Housing Finance Agency (FHFA) 12 C.F.R. Part 1291, as may be amended from time to time (AHP Regulation). The HDP provides funds in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI) and purchasing homes in any U.S. state or territory.
The HDP offers grants up to $20,000. The FHLBNY will grant up to $19,500 towards down payment and closing cost assistance to eligible first-time homebuyers purchasing a home through one of our approved community-based, member lenders. Additionally, the HDP offers up to $500 towards the defrayment of homeownership counseling costs which will be provided for the use of the household via the member to the non-profit counseling agency. The amount of the defrayment will be added to the grant.
The HDP is administered as an annual round through participating FHLBNY members.
By offering the HDP in your institution, some of the advantages and benefits include:
- Creating homeownership opportunities in members’ communities
- Increasing your residential lending opportunities
- Enhancing public relations
- Supporting your CRA credit efforts