Assets for Independence Program for first-time homebuyers expands to include all income-eligible New Yorkers

This March, the New York State Division of Housing & Community Renewal’s down payment assistance program, Assets for Independence (AFI), is expanding eligibility to include all income-eligible New Yorkers, not just Section 8 Housing Choice Voucher clients.

“Despite the recent economic downturn, New York State has literally hundreds of low-to-moderate income households with stable jobs and good credit scores who wish to purchase their first home,” said Deborah VanAmerongen, DHCR commissioner. “The AFI program provides homeowner education and financial training as well as a matched-saving plan that helps these families buy and keep their own home. We are proud to be a part of making these families’ American dream come true.”
 
The monthly saving plan has a one-to-four matching grant, up to $7,500 toward real estate closing costs. Potential first-time homebuyers will also learn how to achieve economic independence during the required financial counseling. Education classes will inform clients on how to shop for affordable mortgages and how to work with a real estate agent or professional home inspector.