AGENCY TESTIMONY
HPD's strategy: Increasing access to existing homeownership opportunities
0:29:05
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50 sec
Deputy Commissioner Darga explains the second prong of HPD's homeownership strategy, which focuses on increasing access to existing homeownership opportunities through down payment assistance.
- Expanded the Home First program, increasing assistance from $40,000 to $100,000 per household
- Increased assistance enables more first-time home buyers to purchase homes in a wider range of neighborhoods
- Administration increased funding for the program to support broader use
Kim Darga
0:29:05
Increasing access to existing homeownership opportunities with down payment assistance is our 2nd prong.
0:29:13
In recent years, HPD has expanded the home first program.
0:29:18
In 2021, we increased the amount available to each household from $40,000 to $100,000 to better align with the realities of our housing market.
0:29:28
This increased assistance has enabled more first time home buyers to purchase homes in a wider range of neighborhoods across New York City in accordance with our fair housing goals.
0:29:41
We are actively looking at ways in which we can improve the program to increase the number of new first time homebuyers they can serve each year.
0:29:49
And as part of housing our neighbors, the administration, increased funding for the program to support broader use.
