To apply for a Home Purchase Residency in New York City, individuals must first qualify for the NYC First Home Program. This requires meeting income limits based on household size, securing a mortgage pre-approval, and purchasing a property within NYC’s designated affordable housing zones. The process involves submitting an application to NYC Housing Preservation and Development (HPD), including proof of income, tax returns, and a certified mortgage commitment. Once approved, applicants receive a Home Purchase Residency Certificate, which is valid for 90 days to finalize the purchase.

The NYC First Home Program aims to expand affordable homeownership by targeting middle-income households and supporting underserved communities. As of 2023, the program offers income limits up to $155,000 for single applicants and $212,500 for households of four, with maximum purchase prices capped at $1.2 million in Manhattan and $1.4 million in other boroughs. Data from HPD shows that over 5,000 families have participated since the program’s launch in 2020, with participants reporting an average down payment of 15% compared to the national average of 20%. This lower barrier aligns with NYC’s goal to address housing affordability, as 68% of residents face housing cost burdens, per the New York City Housing Authority. By streamlining approvals and offering incentives, the program reduces barriers to homeownership while promoting equitable access to residential properties.