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January 2, 2024

Introducing HDP® Plus from the FHLBNY

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. The required Member Participation Agreement and guidelines for the 2024 HDP Plus Round will be available on our website on January 16, 2024.

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

Please join us in one of the virtual training sessions to learn more about the HDP Plus criteria and the important differences between the existing HDP and HDP Plus.

  • Thursday, January 18, 2024, 2:00–3:30 PM
  • Tuesday, January 23, 2024, 2:00–3:30 PM (Features Live Spanish Translation)
  • Thursday, January 25, 2024, 2:00–3:30 PM

We appreciate your continued support of the existing HDP Round and your critical feedback that has informed the development of HDP Plus. We hope the new HDP Plus offering will serve our members’ needs and meet the expectations of your community housing partners and prospective first-time homebuyers.

Should you have any questions, please email our team at [email protected].

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