Homebuyer Dream Program®

Homebuyer Dream Program® (HDP®) Overview

Homebuyer Dream Program® Round is now closed.

Thank you for participating in the 2022 Homebuyer Dream Program® Round and for helping low- and moderate-income first-time homebuyers achieve the dream of homeownership.

Our program has received significant support and effective November 30, 2022, the Homebuyer Dream Program® Round is closed.

We look forward to creating even more opportunities through the next HDP Round.

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 New York, New Jersey, Puerto Rico or the U.S. Virgin Islands.

The HDP offers grants up to $10,000. The FHLBNY will grant up to $9,500 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 Homebuyer Dream Program® 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
Improving CRA credit