Yonkers Launches Homebuyer Down Payment Assistance
First-time homebuyers can receive assistance for up to 19% of a home's purchase price.
Updated on Oct. 20, 2026 in Residential
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Yonkers has introduced a new down payment assistance program for first-time homebuyers that offers up to 19% of a property's purchase price. This initiative supports the purchase of single-family homes, condominiums, and cooperative apartments for eligible households.
Why it matters
The program is designed to help local renters and prospective buyers overcome the primary hurdle of saving for a down payment. By providing zero-interest, forgivable loans, the city seeks to lower the barrier to homeownership for moderate-income families.
The program offers assistance up to 19% of a home purchase price for qualifying households, such as one-person households earning $142,450 or less. Buyers are required to provide a minimum 1% down payment contribution and maintain the home as a primary residence for five years.
The players
City of Yonkers
The local municipal government responsible for reviewing and approving program eligibility for residents.
Westchester Residential Opportunities
A housing agency providing homebuyer education and managing the application process for local residents.
The details
Applicants receive a non-interest, zero-monthly-payment loan that is fully forgiven after five years of living in the home. Eligible properties include single-family homes, condos, and co-ops, provided the buyer contributes at least 1% of the purchase price themselves. Westchester Residential Opportunities manages the counseling, while the City of Yonkers reviews eligibility and approves the aid without utilizing city taxpayer funds.
Timeline
November 9, 2026: In-person information session at Riverfront Library.
November 12, 2026: Online virtual information session.
Money Landscape
This program follows the established pattern of municipal down payment assistance initiatives designed to bridge affordability gaps in high-cost housing markets. It sits within a broader effort to expand access to homeownership for moderate-income households facing high entry costs.
Prospective buyers meeting the income thresholds should review their savings to ensure they can meet the 1% down payment requirement. Households interested in the program should plan to attend an upcoming information session to discuss application requirements with professional counselors.
The takeaway
This initiative provides a path to homeownership for eligible Yonkers residents through non-interest loans that are forgiven over five years. Review your household gross income against the 120% area median limit and attend a scheduled session to determine your eligibility.
Further reading
Learn more about the local market in the Residential section.
Source note: This article includes information reported by Westfair Communications.
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Should local governments offer down payment assistance programs to help residents purchase their first homes?
