New Rochelle Expands Its Unique Down Payment Assistance Program

NEW ROCHELLE, NY — A program to help first-time home buyers will expand its scope, according to city officials.

New Rochelle has expanded eligibility for its Down Payment Assistance Program, opening the first-time homebuyer benefit to current workers, business owners, and former residents, in addition to current city residents. The city announced the change Wednesday and said the expanded program took effect May 14.

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The Down Payment Assistance Program provides up to 19 percent of a home's purchase price to eligible first-time homebuyers purchasing within New Rochelle, according to the city. Eligibility had historically included current New Rochelle residents with at least 12 months of permanent residency. Under the new criteria, the program also includes people with certifiable full-time employment that requires reporting to a work location within the city for at least two years, or ownership of a business located in New Rochelle.

The city also said former New Rochelle residents may qualify if they lived in the city for at least two years and can provide proof of prior residence.

Mayor Yadira Ramos-Herbert said the expansion is aimed at widening access to homeownership in the city.

"Today's expansion of the Down Payment Assistance Program is not just about broadening eligibility, but about giving more people the opportunity to put down roots and build a meaningful future through accessible homeownership," Ramos-Herbert said. "As a mother of two, I understand and value the importance of a home where your family can grow and thrive. By investing in homeownership, we are investing in stronger families, stronger neighborhoods, and a stronger city."

Council Member Shane Osinloye said he supported adding former residents to the eligibility rules.

"As we respond to the demands of our New Rochelle neighbors for housing affordability, I'm pleased to express my enthusiastic support for this timely expansion of the Down Payment Assistance Program," Osinloye said. "Also, as a lifelong resident of multi-family housing in New Rochelle, I strongly advocated for the new eligibility criteria to include people who formerly lived here, especially those who attended local schools and had to move away for various reasons, but now have a chance to return and realize the dream of homeownership."

According to the city, the expansion builds on other housing efforts, including proposed amendments to the Downtown Overlay Zone and the continued development of Stella Phase II, a 100 percent affordable downtown condominium slated to launch its lottery this year.

Adam Salgado, the city's commissioner of development, said, "The expansion of our Down Payment Assistance Program makes homeownership in New Rochelle more accessible to the people who live, work and help power our City."

The city will host two information sessions at City Hall, 515 North Avenue, from 6 to 7:30 p.m. The English session is scheduled for Monday, June 1, and the Spanish session is set for Thursday, June 4.

More information and applications can be found here.