New Rochelle’s Homeownership Dream Comes True for Local Resident with Assistance Program
New Rochelle resident Matthew Carino’s journey toward homeownership was made possible through his application to the Down Payment Assistance Program (DPAP). This program is a vital component of New Rochelle’s Affordable Housing initiatives, thoughtfully crafted to address the growing need for affordable housing within the city. DPAP extends a helping hand to eligible buyers by providing them with a generous 19% of the sales price of a single-family home in New Rochelle. Its primary mission is to make homeownership more attainable for moderate to low-income first-time buyers, especially in an environment where housing costs have rendered ownership an unstable and distant dream. On a momentous Thursday, October 5, 2023, Mr. Carino signed his mortgage papers, officially becoming a homeowner in his beloved city.
Reflecting on his experience, Mr. Carino spoke highly of the New Rochelle Down Payment Assistance Program, saying, “The New Rochelle down payment assistance program was a tremendous help in many ways. Aside from facilitating funds to assist with the purchase, the people who work for the program are really good at what they do. They’re extremely helpful and made this process as seamless as possible. This program will help a lot of people get started on their future. I am extremely grateful to have had the opportunity to be accepted into this program and work with the representatives from the City of New Rochelle to secure the down payment for my new home.”
Kathleen Gill, City Manager of New Rochelle, expressed her satisfaction with the success of the Down Payment Assistance Program, stating, “The success of the Down Payment Assistance Program underscores our commitment to empowering New Rochelle residents through tangible, supportive pathways to homeownership. This moment is a testament to our unwavering dedication to fostering a city where people of all income levels can continue to call home for generations to come.”
The DPAP is made possible through subsidies from the City’s HOME Funding, provided by the Department of Housing and Urban Development (HUD), as well as contributions from the Affordable Housing Fund. Eligibility for the program is determined based on Income and Property Level Limits as established by HUD. As of June 15, 2023, the program’s income requirements, tied to 80 percent of the Area Median Income (AMI) for Westchester County, have been expanded, opening the doors for more families to meet the financial eligibility criteria. Additionally, as of July 01, 2023, HUD increased the Property Level Limit (PLL) from $556,000 to $595,000, granting eligible applicants a broader range of options when it comes to the type of home they can purchase. The down payment itself is a forgivable zero-interest loan that gradually erases after five years.
Adam Salgado, Deputy City Manager and Commissioner of Development emphasized New Rochelle’s commitment to inclusivity in housing solutions, saying, “New Rochelle is proud to develop and implement initiatives like the Down Payment Assistance Program that ensure all our residents can access the wide range of housing opportunities in our city. A home provides the stability necessary to grow and prosper, and we look forward to continuing to deliver creative solutions to keep New Rochelle an inclusive and thriving home for all.”
Council Member Martha López-Hanratty expressed her enthusiasm for the program and its inclusivity, stating, “The Down Payment Assistance Program is part of our pledge to sustain and elevate our diverse and dynamic community with equitable housing solutions that have a real impact on our residents. I am thrilled to see this important program take its inaugural steps and look forward to continuing to work together as we build programs that deliver inclusive opportunities.”
To ensure the accessibility of the DPAP, the City of New Rochelle and WRO have collaborated with several mortgage lenders. Currently, seven lenders, including Bank of America, Citizens Bank, M&T Bank, Citibank, Chase, Emigrant Bank, and TD Bank, accept the City’s DPAP grant and provide mortgages to eligible program participants. In some instances, these lenders may offer additional benefits, such as extra down payment assistance to reduce loan amounts and monthly payments or cover a portion or all of the mortgagee’s closing costs.
To delve deeper into the City’s Down Payment Assistance Program and stay informed about upcoming events, interested parties can visit the DPAP website at www.ideallynewrochelle.com/down-payment/ or contact WRO at 914.428.4507. This initiative embodies New Rochelle’s unwavering commitment to making homeownership dreams come true for its residents while fostering an inclusive and thriving community.
