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Homebuyer Dream Program®

Homebuyer Dream Program® (HDP®) Overview

The 2024 Homebuyer Dream Program® (HDP®) Round is Open

We are excited to announce that the 2024 Homebuyer Dream Program® (HDP®) Round will be increased to a total of $28,878,000 in grant funds.

This year, 103 members are participating in the program to make it possible for low- to moderate-income households to own a home of their own.

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
  • Improving CRA credit