First-time home buyers in New Rochelle may be eligible for down payment assistance — up to 19% of the purchase price of a single-family home — through a new City initiative to promote homeownership. This is one part of our larger effort to shape a stronger, more equitable community in which more people have a chance to set down roots and build generational wealth. The program is funded through a combination of local and federal dollars, including our HOME grant allocation from the Department of Housing and Urban Development and the City’s Affordable Housing Fund, which is generated by economic development. There’s much more information in this press release and on this website, which includes eligibility criteria and a link to application materials.
