NHSNYC HomeFirst Program (81-120% AMI)

Under the NHSNYC HomeFirst program, eligible first-time homebuyers whose incomes are between 81% and 120% of Area Median Income (AMI) can obtain forgivable loans of up to $25,000 for downpayment and closing costs, using the same formula as is used for the HPD HomeFirst program. However, borrowers in this income range who receive downpayment and closing cost assistance in the NHSNYC HomeFirst program must agree to a fifteen (15) year deed restriction on the property they purchase. Under this deed restriction, if the homeowner sells the property, it must be sold to a purchaser whose income does not exceed 120% of AMI. The goal of this deed restriction is to keep the property affordable to the targeted income groups.

In addition, some home purchasers seeking to use the NHSNYC HomeFirst program may be required to purchase their homes in communities designated as Small Area Difficult Development Areas (SADDAs), as defined by the United States Department of Housing and Urban Development (HUD).