Homebuyer Dream Program®
Homebuyer Dream Program® (HDP) Overview
The Federal Home Loan Bank of New York is pleased to announce the 2020 Homebuyer Dream Program® (HDP) Round has opened on Monday, June 1, 2020 at 8:30 a.m. ET.
This initial installment of grant funds will be in the amount of $3 million for the submission of reservation requests, until either the funds for the current installment are exhausted or Tuesday, June 30, 2020 at 5:00 p.m. ET., whichever occurs first. Additional 2020 HDP Round funds will be made available on the following date:
Tuesday, September 1, 2020
The allocation amount and date of release is subject to change at the sole discretion of the FHLBNY.
The HDP reservations must be submitted via FHLBNY’s Secure File Transfer Protocol (SFTP) by members that have received prior confirmation of participation approval.
We look forward to working with you in support of low–moderate income first-time homebuyers.
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