Yonkers Launches First-Time Homebuyer Program Offering Up to 19% in Down Payment Assistance

The City of Yonkers has launched a new First-Time Homebuyer Down Payment Assistance Program designed to make homeownership more attainable for eligible buyers. Announced by Mayor Mike Spano, the initiative provides assistance of up to 19% of the purchase price for qualifying single-family homes, condominiums and cooperative apartments in Yonkers.



Through a partnership with Westchester Residential Opportunities (WRO), eligible buyers can receive a zero-interest loan with no monthly payments, which is forgiven after five years if program requirements are met.

To qualify, applicants must have a household income at or below 120% of the area median income, with current limits of $142,450 for individuals and $203,550 for four-person households. Applicants must also meet first-time homebuyer requirements and demonstrate a qualifying connection to Yonkers, such as residency, family ties or business ownership.

Buyers must contribute at least 1% of the purchase price toward the down payment, cover closing costs and maintain the property as their primary residence for five years. Participants must also complete homebuyer education and counseling and receive program approval before entering into a purchase contract.

WRO will host informational sessions on November 9 at the Yonkers Riverfront Library and virtually on November 12, with presentations available in English and Spanish.

The program offers REALTORS® another valuable resource to help qualified first-time buyers navigate affordability challenges and pursue homeownership opportunities in Yonkers.