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Homebuyer Dream Program®

Homebuyer Dream Program® (HDP) Overview

The 2020 Homebuyer Dream Program® Round is now closed.

Thank you for participating in the 2020 Homebuyer Dream Program® Round and for helping low- and moderate-income first-time homebuyers achieving the dream of homeownership. We are proud to support our members’ contributions to homeownership, and we look forward to creating even more opportunities through the next HDP Round.

The HDP is a 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 New York, New Jersey, Puerto Rico or the U.S. Virgin Islands.

We provide homeownership assistance for up to $15,000. The maximum grant amount that a household may receive is up to $14,500, as determined by the FHLBNY member. Additionally, the Homebuyer Dream Program® also 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 housing agency. The amount of the defrayment will be added to the grant.

The HDP is administered as an annual round on a first-come, first served basis.

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


Improving CRA credit