Homebuyer Dream Program^®

HDP provides funds in the form of a grant to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI). 

The maximum grant that a household may receive is up to $30,000, as determined by the member, and submitted to the FHLBNY. 

Homebuyer Dream Program^® Wealth Builder

A Special Purpose Credit Program designed to address the wealth gap by providing grants to individuals and families who have historically experienced challenges accessing the credit or housing markets. Grant recipients must currently reside within, and purchase an eligible property type within, the FHLBNY District.

The maximum grant amount of up to $30,000 must be utilized towards down payment and closing cost assistance and 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

Eligible households must also meet one of the following eligibility criteria:

• Reside within a majority-minority census tract or
• Qualify as first-generation homebuyers