With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

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First Home Club Matched Savings Program

Financial Assistance for Homebuyers in New York

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.

To begin, applicants must attend a Homebuyer 101 orientation provided by the AHP Homeownership Center. Then, credit-ready applicants must make an appointment with their homeownership advisor, and bring completed program registration and related forms to the appointment.


To be eligible for the First Home Club, applicants must meet the following criteria:
  • Applicants must be first-time homebuyers
  • Applicants must fall within the following income limits:
    1 - 2 persons: $65,600 / 3 + persons: $75,440
  • Applicants must be approved by a participating bank or credit union
  • All applicants must save at least $20 per month over a minimum of ten months in a dedicated savings account
  • Towards the end of their savings term, applicants must attend a homebuyer education course.

Homebuyer education is provided by:
  • Affordable Housing Partnership (AHP)
  • TRIP NeighborWorks Homeownership Center
  • Better Neighborhoods Inc. (BNI)
  • Albany County Rural Housing Alliance (ACRHA)

Participating banks and credit unions that provide First Home Club benefits:
  • CapCom FCU
  • Capital Bank
  • M&T Bank
  • NBT Bank
  • Saratoga National
  • SEFCU
  • Sunmark FCUt

Down Payment Grants in New York

The ACRHA grant comes in the form of a forgivable loan, which is meant to assist with purchase and repair of a home. 51 percent of the grant must be used for rehabilitation/repair of the purchased home while the other 49 percent must be used for down payment and/or closing costs.

With the Federal Home Loan Bank of New York's First Home Club Matched Savings Program, participants can earn up to $4 for every $1 saved in a qualified account. The returns can amount up to $7,500 in down payment assistance.