Community Home Fund Downpayment and Closing Cost Assistance Program
The Community Home Fund Downpayment and Closing Cost Assistance Program is a collaboration between Bank of America and Neighborhood Housing Services of New York City, Inc. The program was designed to provide eligible first-time homebuyers with funds for downpayment and closing costs on the purchase of a new home. Under the program, families below 80% of Area Median Income (AMI) were able to receive forgivable loans of $30,000 and those above 80% up to 120% of AMI were eligible to receive $15,000 to purchase a home within the five boroughs or in Hempstead, Islip, Brentwood or Freeport.
Due to the high volume of applications, funding for this program is no longer available. However, we encourage potential borrowers to check our website or contact us about the possibility of future funding.