The First-Time Homebuyer Program will provide qualifying buyers with assistance toward the purchase of a home in Yonkers.
The city of Yonkers is launching a new program aimed at helping first-time homebuyers overcome one of the biggest obstacles to purchasing a home: saving for a down payment.
The First-Time Homebuyer Program will provide qualifying buyers with assistance toward the purchase of a home in Yonkers. The city is partnering with Westchester Residential Opportunities to administer the program.
According to city officials, the assistance carries no interest and no monthly payments and is forgiven after five years if the buyer meets the program’s requirements.
Officials say buyers could receive assistance of up to 19% of the purchase price. Eligible properties include single-family homes, condominiums and co-op apartments in Yonkers.
To qualify, applicants must live in Yonkers, have parents who live in Yonkers, or own and operate a business in the city.