Housing Partnership’s Homebuying Counseling Program & HPD’s HomeFirst Expansion

The dream of homeownership just became more attainable for thousands of New Yorkers. The NYC Department of Housing Preservation and Development (HPD) recently announced the expansion of the HomeFirst Down Payment Assistance Program, now offering up to $100,000 to eligible first-time homebuyers earning up to 120% of the Area Median Income (AMI). This means that a single person earning up to $130,440 and a family of four earning up to $186,360 are now eligible for financial assistance. This expansion marks a significant step in increasing access to homeownership for moderate-income families who have long been priced out of the market. However, financial assistance is just one piece of the puzzle. At Housing Partnership, we know that successful homeownership requires education, preparation, and ongoing support, which is why our Housing Counseling program continues to grow to meet the evolving needs of prospective homebuyers.

A Growing Program to Meet Homebuyers’ Needs

In 2024, Housing Partnership’s Housing Counseling Program achieved significant milestones in helping New Yorkers navigate the homebuying process. We provided homebuyer education to 1,411 households through Zoom and eHomeAmerica, while 781 households received pre-purchase counseling, leading to 450 successful home purchases. Additionally, our clients benefited from $3.1 million in down payment and closing cost assistance, made possible through partnerships with city, state, and private programs. With 57% of our program participants falling below 80% of HUD’s Statewide Median Income, it’s clear that our services are essential in bridging the gap between affordability and accessibility. Even with assistance, affordability remains a challenge—our program participants faced an average purchase price of $662,100, with an average loan amount financed at $486,300. As housing costs continue to rise, access to homebuyer education and financial assistance is more important than ever. Now, with the expansion of the HomeFirst program, we are broadening our Housing Counseling program to ensure more New Yorkers have the knowledge and resources to become confident homeowners.

What’s New in 2025?

One of the most exciting developments is the return of in-person education. After years of virtual programming, Housing Partnership is relaunching its 8-hour HUD-Approved Homebuyer Education workshops in partnership with Amalgamated Bank. This initiative aims to serve at least 100 potential homebuyers, with a stretch goal of 150 participants. While virtual workshops will continue, these in-person sessions will offer a deeper level of engagement and hands-on learning opportunities.

Another key expansion is our Rental Education & Counseling program. Following a successful debut at our Second Annual Affordable Housing Expo, the Renters & Landlords Toolkit – The Keys to Successful Living program will now be offered quarterly on Zoom. This initiative provides much-needed guidance to renters and landlords on tenant rights, fair housing laws, and financial preparedness, helping them navigate the complexities of the rental market.

Beyond homebuying, we recognize that many new homeowners struggle with the transition into ownership. That’s why we are expanding post-purchase support counseling in 2025. Buying a home is just the beginning—homeowners often need guidance on budgeting, property maintenance, refinancing, and avoiding foreclosure risks. Our post-purchase services will ensure that homebuyers receive ongoing support, helping them build long-term stability and success.

Homebuying Counseling & Identifying Financial Assistance

With higher down payment assistance now available through HomeFirst, the role of Housing Counseling has never been more critical. Financial assistance programs make homeownership possible, but education and counseling ensure that buyers are fully prepared for the journey. By equipping homebuyers with the tools, they need to make informed decisions, we help create stronger homeowners and more resilient communities.  ●