Although East New York and Brownsville are not yet seeing home prices in the $2 million range like in Bed-Stuy, the prices are absolutely increasing. As home prices continue to rise in Brooklyn, it is getting harder to come up with that all important down payment, which can typically range from 10% – 20%, and you still have to pay closing costs. New York City’s HPD (Housing Preservation & Development) has the HomeFirst Down Payment Assistance Program to help first time homebuyers with up to $40,000 for the down payment or closing costs toward a 1-4 family home, CoOp or Condo. This program is not widely promoted but EastNewYork.com feels that residents of East New York and Brownsville should know that the program exists.
This past weekend Dwayne Jeffrey of BCDL Real Estate Development was a guest on ‘VOICES of East New York with Nikki Lucas‘, where he talked about the 17 homes that his company developed under New York City’s NIHOP program. These homes are now available for sale for first time homebuyers under the NYC Housing Connect program. Viewers on the livestream expressed that the down payment is one deterrent to buying a home in New York City. This HomeFirst Down Payment Assistance Program can possibly remove that roadblock.