Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program

What is Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program is a deferred second loan for homebuyers in East Hampton, New York, administered by Town of East Hampton Office of Housing and Community Development.

• Funded by the Town of East Hampton Community Housing Fund (a 0.5% real estate transfer tax approved by voters in 2022), the program offers eligible first-time homebuyers zero-interest, deferred-payment loans of up to $30,000 toward down payment and closing costs. The 2026 budget is $600,000, supporting up to 20 loans of $30,000 each. Loans are secured by a subordinate lien, require no monthly payments, and are repayable in full upon sale of the property.
• Zero-interest deferred loan up to $30,000 for down payment and closing costs; no monthly payments; repayable on sale.
• Funding comes from Town of East Hampton Community Housing Fund (0.5% real estate transfer tax).

How much assistance does it provide?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program offers up to $30,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Town of East Hampton Office of Housing and Community Development determines any individual award.

Do you have to pay it back?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Repaid in full upon sale of the property.
• The assistance is recorded in subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program sets its income limit as follows: Max combined household income up to $197,880 for a 1- or 2-person household, or up to $230,860 for a 3+ person household (tied to SONYMA income limits in effect on contract date).

• 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?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program caps the purchase price at $1.9M.

• Eligible property types include single_family, two_family, townhome, condo, and modular_home.
• New construction is eligible.

Where does it apply?

Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program serves buyers purchasing in East Hampton, New York.

How do you apply?

Applications for Town of East Hampton Community Housing Fund First-Time Homebuyer Down Payment Assistance Program go through Town of East Hampton Office of Housing and Community Development, which publishes the current terms and the application steps on its own site.

1. 1

   Contact Town of East Hampton Office of Housing and Community Development to reserve funds

   Funds are reserved through Purchaser Certificate valid for 1 year (one extension at Town discretion); first-come, first-served., and are subject to availability.

2. 2

   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.