CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation)

What is CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation)?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) is a deferred second loan for homebuyers in Nassau; Suffolk County, New York, administered by Community Development Long Island (CDLI) (via NYS Affordable Housing Corporation).

• A 0%-interest deferred loan (forgivable grant) for down payment plus post-closing home repairs for first-time homebuyers in Nassau and Suffolk Counties, funded through the NYS Affordable Housing Corporation and administered by CDLI. Award is tiered ($25,000-$60,000) by family size, income, and repair needs; at least 51% must be spent on rehabilitation. 10-year occupancy term (20+ years for awards over $50,000). Income must be below 120% AMI.
• Deferred 0% loan up to $60,000 covering down payment and required home repairs.
• Forgiven over occupancy term.
• Funding comes from New York State Affordable Housing Corporation (AHC) administered by CDLI.

How much assistance does it provide?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) offers between $25,000 and $60,000 in assistance.

• Award tiers: Tiered grant: $25,000 / $32,500 / $40,000 / $50,000 / $60,000 based on family size, household income, and number of repairs needed.
• The program can be combined with Other grant funds (documentation required).
• Amounts are the program's published maximums, not an offer — Community Development Long Island (CDLI) (via NYS Affordable Housing Corporation) determines any individual award.

Do you have to pay it back?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Refinance, transfer of title, sale, or failure to occupy as primary residence during the affordability term (10 years; 20+ years for awards over $50,000).
• The assistance is recorded in second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) limits household income to 120% of the area median income, which varies by county and household size.

• Household gross income below 120% of HUD area median income based on family size; income of all household members counted.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) can be used for Single Family, 2-4 Unit, Condo, and Co-op.

Where does it apply?

CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) serves buyers purchasing in Nassau; Suffolk County, New York.

How do you apply?

Applications for CDLI NYS First-Time Homebuyer Grant Program (Affordable Housing Corporation) go through Community Development Long Island (CDLI) (via NYS Affordable Housing Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CDLI NeighborWorks HomeOwnership Center HUD-approved Home Buyer Education class and counseling.

2. 2

   Contact Community Development Long Island (CDLI) (via NYS Affordable Housing Corporation) to reserve funds

   Funds are reserved through Application via Cognito Forms; in effect while funding is available, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.