Homebuyer Dream Program®
Homebuyer Dream Program® (HDP) Overview
The 2021 HDP Round will launch in Q2 2021.
FHLBNY will hold a webinar on Tuesday, January 19, 2021, at 11:00 am
This webinar will provide an overview of the 2021 Program Changes.
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.
We provide homeownership assistance for up to $10,000. The maximum grant amount that a household may receive is up to $9,500, 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 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