To obtain Social Security benefits for home purchase in New York City, recipients must first qualify for federal Social Security Income (SSI) or supplementary benefits. These funds can be used to cover down payments, closing costs, or mortgage payments through specific housing programs. For example, the New York City Homeownership Program (NYCHP) offers grants to low

and moderate-income buyers, including Social Security recipients, covering up to 20% of purchase costs. Additionally, the City’s HomeFirst program provides $15,000 in assistance for first-time buyers with incomes below 165% of the area median. Recipients must meet income limits, provide proof of Social Security benefits, and complete a homeownership education course.

The connection between Social Security and home purchase assistance stems from broader efforts to address housing insecurity among vulnerable populations. In 2022, NYC allocated $200 million to housing initiatives, with 30% targeting seniors and low-income individuals reliant on Social Security. Data from the NYC Department of Housing Preservation and Development (HPD) shows that 12,000 households used city programs to purchase homes in 2023, including 4,500 seniors. Social Security recipients often face higher barriers due to limited savings, but programs like NYCHP have helped 2,300 participants achieve homeownership since 2020. These initiatives align with state goals to reduce homelessness by 2026, as outlined in the NYC Housing Preservation and Development Plan. By combining federal benefits with local grants, recipients can leverage resources to transition from rental to homeownership, fostering long-term financial stability.