To purchase a home with a group household registration in New York City follow these steps. First, verify eligibility by confirming all residents are related and meet income limits set by the New York City Housing Preservation and Development (HPD). Second, register the household with HPD through their online portal or in-person at a local office. Third, secure financing through a mortgage lender, ensuring the property meets NYC’s multi-unit housing standards. Fourth, complete the closing process with a licensed attorney or real estate attorney. Key considerations include ensuring the property is in a zoned area for group households and adhering to HPD’s documentation requirements.

The process is beneficial because group household registrations provide tax savings and increased affordability. For example, properties registered as group households qualify for reduced property taxes, which can lower annual costs by up to 25% (HPD, 2022). Additionally, such registrations help preserve affordable housing in high-demand areas. Data from the Furman Center for Real Estate & Urban Policy shows that group households account for 15% of all affordable housing units in NYC, with concentrations in Brooklyn and Queens (Furman Center, 2023). This approach also promotes intergenerational living, as eligible households often include parents and children sharing resources. Eligibility criteria require a combined income below $125,000 for three residents and below $150,000 for four residents (HPD, 2023). By leveraging group household registration, buyers can access NYC’s housing benefits while navigating complex municipal requirements.