NYC Affordable Housing Resource Center
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Homeownership

Becoming A Homeowner
If you rent, like most New Yorkers, you may not know that the City offers many opportunities for homeownership throughout the five boroughs. From deciding on a neighborhood to figuring out how much you can afford to pay to signing the contract, The Department of Housing Preservation and Development's Guide to Homeownership in New York City will guide you through the steps to becoming a New York City homeowner. The federal Housing Agency also offers a list of nine steps to buying a home.

If you are looking to buy a home, refinance, or obtain a home improvement loan, beware. There are some lenders who will put greed before your needs by charging you higher fees or charging you a higher interest rate than you should have to pay. You could end up with a loan with payments you can’t afford. Many good, smart, and trusting people are being taken advantage of in this way.

You should also remember to refuse loans arranged by home improvement contractors. NYC law prohibits any home improvement contractor from acting as an agent for a lender or advertising, promoting, or arranging a home improvement loan. If your contractor has illegally offered to arrange a bank loan, or any loan through a financial institution while negotiating a home improvement job, contact the DCA at 311 or online at www.nyc.gov/consumers.

Current Lotteries
The City's housing agencies have developed several programs that enable New York's families to purchase newly constructed or newly renovated homes and/or apartments. City subsidies and other financing tools are used to make these homes affordable to low-, moderate-, and middle-income families.

Many people have expressed interest in buying a dilapidated building and fixing it up themselves. The Department of Housing Preservation and Development (HPD) does not sell buildings in dilapidated condition to the general public. Occasionally, we sell a building at market value when we have buildings in better physical shape. Current tenants in good standing are given the first opportunity to purchase their building. If the tenants are not interested or not able to purchase the building, it is offered to the general public through an Asset Sales Request for Offers process.
Search Current Homeowner Lotteries

HomeFirst Down Payment Assistance
Many New Yorkers want to buy a home, but don't have enough money saved for their down payment and closing costs. As part of Mayor Bloomberg's "New Housing Marketplace Plan," the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with the greater of 6% of a home's purchase price or $10,000 toward the down payment or closing costs on a one-four family home, a condominium, or a cooperative in any of the five boroughs of New York City.
Learn more about HomeFirst

Homebuying Counseling Agencies
To take the first step toward purchasing a home through the HomeFirst Down Payment Assistance Program, or for general preparation before buying a home, you can contact Housing Preservation and Development-approved counseling agencies to register for homebuyer education training. For most people, their home is the biggest asset they will buy, and they need to beware of common consumer pitfalls and any potential unethical practices. Seeking professional expertise from a government-approved counseling agency makes good financial sense.
Learn more about the counseling agencies

Home Improvements
Each year, thousands of New York homeowners embark on new improvements or repairs to their homes. Under NYC law, "home improvement" work can range from repairing a leaky roof to installing new kitchen cabinets, from gutting a basement to paving a driveway, or evn just landscaping the yard. New York City’s Department of Consumer Affairs (DCA) offers those having such work done in their home much protection.
Learn more about home improvements