Homebuyer Dream Program® Suite
Homebuyer Dream Program® (HDP®) Suite
The 2024 HDP® & HDP® Plus round closes November 29, 2024.
COMING SOON IN 2025
The Federal Home Loan Bank of New York (FHLBNY) is excited to announce that the following suite of housing programs will be offered in the first quarter of 2025: Homebuyer Dream Program® (HDP®), Homebuyer Dream Program® Plus (HDP® Plus) and introducing the new Homebuyer Dream Program® Wealth Builder (HDP® Wealth Builder). The upcoming training sessions will provide a review of each program criteria and in-depth technical training. In order to familiarize yourself with the 2025 HDP round, we encourage you to attend one of the upcoming training sessions:
| Tuesday, December 10, 2024, 10:00 AM – 12:00 PM | (Virtual Event) |
| Thursday, December 12, 2024, 10:00 AM – 12:00 PM | (Virtual Event*) |
| Tuesday, December 17, 2024, 10:00 AM – 12:00 PM | (Virtual Event) |
We look forward to your participation in an upcoming training session and value your ongoing commitment to expanding investment in the communities we serve.
*Spanish language interpreter will be provided for the December 12 session.
*Se proporcionarán intérprete de español para las sesion del 12 de diciembre.
As an FHLBNY member, you have access to our first-time homebuyer programs to increase access to affordable homeownership in your community. Each year, to participate in these programs and receive an allotment of funds for disbursement to eligible households, members must first enroll in the round.
HDP funds allow you to provide grants that help cover down payment, closing costs and homebuyer counseling services for eligible homebuyers who meet certain income and additional criteria as defined by each of the program parameters below:
Homebuyer Dream Program® (HDP®) Overview
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, given through one of our approved members, to be used towards down payment, closing cost assistance and homebuyer counseling services for first-time homebuyers earning at or below 80% of the Area Median Income (AMI) and purchasing homes in any U.S. state or territory.
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
Homebuyer Dream Program® Plus (HDP® Plus) Overview
The Federal Home Loan Bank of New York (FHLBNY) is excited to launch the Homebuyer Dream Program® Plus (HDP® Plus) round. This new program was created to further our efforts to increase access to homeownership for households in our District, and is a complementary program to our existing annual Homebuyer Dream Program® round. HDP Plus will give our members the opportunity to provide grant funds to households earning greater than 80%of the Area Median Income (AMI).
Key elements of HDP Plus:
- The maximum grant amount will be utilized towards down payment, closing cost and first-time homebuyer counseling assistance.
- Participating members may offer HDP Plus to households that meet the following income thresholds:
- New York and New Jersey: Earning over 80% AMI, but not to exceed 120% AMI
- Puerto Rico and U.S. Virgin Islands: Earning over 80% AMI, but not to exceed 150% AMI
- HDP Plus may only be administered within the FHLBNY District
Homebuyer Dream Program® Wealth Builder (HDP® Wealth Builder) Overview
The FHLBNY is delighted to offer HDP Wealth Builder, a new Special Purpose Credit Program (SPCP) designed to address the wealth gap by providing grants to individuals and families who have historically experienced challenges accessing the credit or housing markets and are looking to purchase an eligible property type within the FHLBNY District.
With HDP Wealth Builder, participating members have an excellent opportunity to partner with the FHLBNY to help close the wealth gap and build stronger relationships with diverse households throughout our District.
Key elements of HDP Wealth Builder:
- The maximum grant amount must be utilized towards down payment, closing cost assistance, and homebuyer counseling services.
- Eligible first-time homebuyers are required to obtain mortgage financing through one of our approved members.
- Participating members may offer HDP Wealth Builder to households that meet the following income thresholds:
- New York and New Jersey: Earning income equal to or less than 120% of the AMI
- Puerto Rico and U.S. Virgin Islands: Earning income equal to or less than 150% of the AMI
- Meet one of the following eligibility criteria:
- Reside within a majority-minority census tract or
- Qualify as first-generation homebuyers