City Partners with Westchester Residential Opportunities (WRO) to Provide Down Payment Assistance with No Interest and No Monthly Payments
Pictured from Left to Right: Westchester Residential Opportunities’ Co-Director of Housing Counseling Cecilia Alcantára, Deputy Commissioner of Planning and Development Melissa Kaplan, City of Yonkers Finance/Housing Rehabilitation Program Manager Antigona Gjini, City Councilwoman Tasha Diaz, City Council Majority Leader John Rubbo, City Council Majority Whip Deana Norman, Mayor Mike Spano, City Council President Lakisha Collins-Bellamy, Westchester County Legislator James Nolan, Deputy Mayor Sue Gerry, City of Yonkers Director of Affordable Housing & Planning Kathy Kuhnel. Photo byu Maurice Mercado/ City of Yonkers
Yonkers Mayor Mike Spano today announced the launch of the City of Yonkers’ First-Time Homebuyer Down Payment Assistance Program, helping eligible buyers overcome one of the biggest obstacles to owning a home: saving for the down payment.
Through a partnership with Westchester Residential Opportunities, Inc. (WRO), the City will provide qualifying first-time homebuyers with assistance toward the purchase of a home in Yonkers. The assistance carries no interest and no monthly payments and is forgiven after five years if the buyer meets the program’s requirements.
“For too many families, saving for a down payment puts a home of their own out of reach,” said Mayor Mike Spano. “We want people who are building their lives in Yonkers to be able to buy their first home here. Through our partnership with WRO, we’re helping eligible buyers with that down payment and the guidance they need to become homeowners.”
Eligible buyers may receive assistance of up to 19% of the purchase price, with individual awards determined through underwriting and subject to available funding. The program can support the purchase of eligible single-family homes, condominiums and cooperative apartments throughout Yonkers.
WRO, a HUD-approved housing counseling agency, will provide first-time homebuyer education and counseling, help applicants complete their applications and coordinate the process through closing. The City will review eligibility and approve assistance.
Cindy Gago and Cecilia Alcantára, the co-directors of WRO’s housing counseling department, added, “WRO is excited to support the City of Yonkers in launching this program to help their first-time homebuyers realize the American dream of stable, affordable home ownership.”
Applicants must have gross household income at or below 120% of area median income and meet first-time homebuyer, mortgage and Yonkers connection requirements. Current income limits include $142,450 for one person and $203,550 for a four-person household. Qualifying connections include living in Yonkers for at least 12 months, being the child of a qualifying Yonkers resident, or owning and operating a business principally managed and operated in the City.
Buyers must contribute at least 1% of the purchase price toward the down payment and are responsible for closing costs and any applicable additional co-op costs. The purchased home must remain their primary residence during the five-year compliance period. Assistance is provided as a deferred, forgivable loan secured by the property.
Applicants must complete required first-time homebuyer education and counseling and receive program participation approval before entering into a contract of sale. Information sessions do not replace the required counseling.
The City and WRO will offer information sessions in English and Spanish to explain the program and answer questions:
Monday, November 9: Riverfront Library, Community Room
English: 5:30 to 6:30 p.m. | Spanish: 6:30 to 7:30 p.m.
Thursday, November 12: Virtual information session
English: 5:30 to 6:30 p.m. | Spanish: 6:30 to 7:30 p.m.
Visit www.OwnInYonkers.com for eligibility requirements and to register for an information session. The program application and downloadable forms will be available after the November 9 workshop. Assistance is subject to program requirements, underwriting and available funding.