Homebuyer Dream Program®
Homebuyer Dream Program® (HDP) Reservation Request
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 dates:
Wednesday, July 1, 2020
Monday, August 3, 2020
Tuesday, September 1, 2020
Each month’s 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.
New household reservation requests must be submitted to the FHLBNY by authorized Member representatives via the Bank’s Secure File Transfer Portal for households who meet eligibility requirements as established in the Homebuyer Dream Program® Guidelines.
To submit a new household reservation request, the Member must submit a fully executed Homebuyer Dream Program Request Form (in MS Excel format, containing the .xlsx file extension) selecting the New Household Reservation Request option. The Homebuyer Dream Program Request Form along with the following required documentation (in PDF format) must be submitted to the FHLBNY via the Secure File Transfer Portal as one Zip file per household:
Income documentation for all sources of income for each income earning adult in the household
Fully-executed Purchase and Sales Contract
Fully-executed Homebuyer Certification
Fully-executed Homeownership Counseling Certificate
Fully-executed Zero Income Certification form(s) for each member of the household with zero income
Fully-executed legal separation agreement or court papers filed for divorce (if applicable)
FHLBNY will review the completed household reservation requests on a first-come first-served basis. The submission of a household reservation request does not constitute a reservation or commitment of funds.
The FHLBNY will determine whether each household has met the Homebuyer Dream Program’s eligibility requirements, prior to commitment of funds. With FHLBNY’s approval of the household reservation request and required supporting documentation, the FHLBNY will issue an email to the Member confirming commitment of the grant for a 120 day period. The FHLBNY requires the closing and the reimbursement of funds to the Member to occur by the commitment expiration date.
Detailed program requirements are outlined within the Homebuyer Dream Program® Guidelines.