These guides cover New York State and New York City. Start with the New York City housing lottery guide for rentals, or the first-time buyer guide to own.
New York's main first-time buyer help comes from SONYMA, the State of New York Mortgage Agency, which offers fixed-rate loans and down payment loans through participating lenders. Income and price limits depend on the county. Cities, counties, a federal home loan bank and federal loans add more, and a few below-market homes sell by lottery.
8 min read
AMI means area median income: the middle income of families in an area, estimated each year by HUD, the federal housing department. Affordable housing sets income limits as a share of it, such as 60 percent or 80 percent, adjusted for household size. In New York City, the 60 percent limit for four people is $101,760.
5 min read
To apply for the NYC housing lottery, make a free profile on NYC Housing Connect, then apply before the deadline to each lottery your income and household size fit. Every on-time application gets a random log number, its place in line. If yours is reached, the building's agent asks for documents to confirm you qualify.
8 min read