Yonkers Launches New Homebuyer Assistance Program Offering Up to 19% Toward First Home

Mayor Mike Spano joins Yonkers city officials and representatives of Westchester Residential Opportunities to announce the city's new First-Time Homebuyer Down Payment Assistance Program on October 19, 2026.

Photo credit: Maurice Mercado / City of Yonkers

Yonkers residents looking to purchase their first home may soon have a new opportunity to make homeownership more affordable, as Mayor Mike Spano announced a citywide down payment assistance program designed to help eligible buyers overcome one of the biggest financial barriers to purchasing a home.

Announced Monday, October 19, the First-Time Homebuyer Down Payment Assistance Program will provide qualifying applicants with financial assistance of up to 19% of a home's purchase price. The assistance comes in the form of a deferred loan that carries no interest, requires no monthly payments, and can be forgiven after five years if homeowners meet the program's requirements.

The initiative, developed in partnership with Westchester Residential Opportunities (WRO), is intended to help individuals and families establish long-term roots in Yonkers at a time when housing affordability remains a major concern across Westchester County.

"For too many families, saving for a down payment puts a home of their own out of reach," Spano said. "We want people who are building their lives in Yonkers to be able to buy their first home here."

Who Qualifies for the Program?

The program is available to eligible first-time homebuyers purchasing single-family homes, condominiums, or cooperative apartments within Yonkers city limits.

Applicants must meet income requirements, with household earnings limited to 120% of the area median income.

Under the city's current guidelines, income limits include:
One-person household: $142,450
Four-person household: $203,550

Applicants must also demonstrate an established connection to Yonkers. Qualifying connections include living in the city for at least 12 months, being the child of a qualifying Yonkers resident, or owning and operating a business principally managed and operated in Yonkers.

Buyers must contribute at least 1% of the home's purchase price toward the down payment and must qualify for a mortgage.

Although the city is offering substantial assistance, participants will remain responsible for closing costs and any additional costs associated with purchasing a cooperative apartment.

How Much Could Buyers Receive?

The program's most significant feature is the possibility of receiving assistance equivalent to as much as 19% of the purchase price.

For example, on a $500,000 home, the maximum potential assistance would amount to $95,000.

However, that figure is illustrative, not a guaranteed award. Actual assistance will depend on individual eligibility, financial underwriting, and the availability of program funds.

The assistance is structured as a deferred, forgivable loan secured by the property. To qualify for forgiveness, buyers must maintain the home as their primary residence and comply with program requirements throughout the five-year period.

The structure is intended to make purchasing a home more accessible without adding another monthly payment to a household's financial obligations.

City Partners With Housing Organization to Guide Buyers

Westchester Residential Opportunities, a nonprofit housing organization and HUD-approved housing counseling agency, will help administer the program.

The organization will provide homebuyer education, financial counseling, application assistance, and guidance throughout the purchase process.

City officials will review applicants' eligibility and approve financial assistance.

The counseling component is intended to help first-time buyers understand the responsibilities of homeownership, including mortgage financing, budgeting, and the costs associated with maintaining a property.

Applicants must complete the required education and counseling and receive approval to participate in the program before entering into a contract to purchase a home.

Information Sessions Scheduled for November

The city and WRO will host two information sessions next month to explain the program and answer questions from prospective buyers.

Monday, November 9 — Riverfront Library, Community Room

English session: 5:30–6:30 p.m.
Spanish session: 6:30–7:30 p.m.

Thursday, November 12 — Virtual Information Session

English session: 5:30–6:30 p.m.
Spanish session: 6:30–7:30 p.m.

Residents can visit www.OwnInYonkers.com to review eligibility requirements and register for an information session.

Applications and downloadable program forms are expected to become available after the November 9 workshop.

A New Approach to Expanding Homeownership in Yonkers

The program follows housing commitments outlined by Spano during his 2026 State of the City address, when he announced plans to expand affordable housing opportunities and introduce new pathways to homeownership.

During that address, Spano also announced an increase in the city's affordable housing requirement for new rental developments, from 10% to 12%, alongside provisions intended to expand opportunities for residents to purchase homes.

The new down payment assistance program represents a more direct effort to help eligible buyers enter the housing market rather than remain renters.

Still, questions remain about how many households the program will ultimately serve, how much funding will be available, and whether the assistance will be sufficient to help prospective buyers navigate Westchester County's expensive housing market.

City officials have not specified in the announcement how many buyers are expected to receive assistance.

For prospective homeowners, the program could provide a meaningful financial boost, particularly for households that have sufficient income to maintain a mortgage but struggle to accumulate the savings needed for a down payment.

Whether the initiative delivers a substantial increase in first-time homeownership will depend on participation, funding availability, and the number of eligible homes buyers can find within their budgets.

For now, Yonkers residents interested in the program are encouraged to review the eligibility requirements and attend one of the upcoming information sessions before beginning the application process.