Frequently Asked Questions

Most families finance a home purchase with a mortgage, and that's normal — the benefit covers the down payment and closing costs, which is often the hardest part. Our partner counselors (NHS, Habitat NYC, Neighborhood Restore) help you get mortgage-ready, and HPD and NYCHA programs offer first-time buyer tools and preferred lenders. You don't have to figure it out alone.

From city, state, and federal sources plus developer obligations: city capital and HUD funds directed to resident homeownership, ownership stakes required in new redevelopment deals, and expanded federal down-payment-assistance models. The same money New York spends managing crisis could instead be invested in building resident wealth. See the full plan for details.

Yes. Like every homeownership program — HPD HomeFirst, FHA Homes, and CHA's down-payment grant — income limits ensure the benefit reaches the families who need it most. We will publish exact limits when the program launches, and we will advocate for limits that capture the broadest possible share of NYCHA residents.

The $75,000 is designed as a grant — down-payment and closing-cost support applied at closing — not a loan you repay. In exchange, homes carry affordability covenants that keep them in resident hands and protect the neighborhood for the next family. This is the same structure used by HPD HomeFirst and CHA's resident grant.

No — and we won't let it. The plan is designed to complement your tenancy while you build toward ownership. When you're ready to close, you transition off subsidy the same way residents do under the CHA program: honestly, transparently, and only when you are moving into a home you own. You should never be left with less, only more.

The benefit is designed for NYCHA residents, including those in mixed-income developments and, where rules allow, voucher holders working toward ownership. Specific eligibility for each group will be settled in the legislation that funds the program — and we will push to include as many residents as possible.

Our goal: introduce the legislation to fund the benefit in year one and launch applications in pilot developments in year two. You can get ready now — start homebuyer education and credit counseling today, because every month of preparation makes your application stronger. Sign up and we'll tell you the moment applications open.

Qualifying NYCHA resident families: current tenants in good standing, households within income limits, with first-time buyer intent. The full eligibility list is on our Path to Homeownership page. Exact thresholds will be set when the program is funded and launched — and we will fight to keep them as inclusive as possible.