New York State Homes and Community Renewal Announces Major Milest...

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today announced the State of New York Mortgage Agency has surpassed $2 billion in low-cost mortgage financing to open doors to homeownership for first-time homebuyers across the state under Governor Kathy Hochul's leadership. During this same five-year time frame, SONYMA has also provided more than $70 million in down payment assistance to support 5,500 eligible homebuyers.

"This achievement is about more than numbers," said Commissioner Visnauskas. "It is about putting the Governor's vision to work so that we're creating more pathways to homeownership and promoting equitable communities where individuals and families have the foundation they need and quality of life they deserve."

Since Governor Hochul took office in August 2021, SONYMA has provided $2 billion in mortgages and loans to more than 8,000 homebuyers, surpassing the previous five-year total by over $300 million dollars.

During this same period, the Agency provided $37 million more in forgivable down payment assistance than the previous five-year period - an increase of 105 percent in financing.

Today's announcement complements Governor Hochul's continued efforts to preserve and create affordable housing opportunities across New York State. In May, Governor Hochul announced record-breaking progress toward the State's five-year housing goal, with more than 22,000 affordable homes created or preserved during Fiscal Year 2025-26, the highest single-year production for the Governor's five-year Housing Plan. HCR has financed the creation or preservation of more than 87,000 affordable homes over the first four years of the Housing Plan, putting the State on track to meet its goal of 100,000 affordable homes ahead of schedule.

Additional SONYMA highlights over the past five years include:

• SONYMA made over 2,300 loans to minority households, providing over $600 million in first mortgages and an additional $48 million in forgivable down payment assistance.
• The Agency helped finance over 900 loans totaling $191 million and $37 million in forgivable down payment assistance to eligible single mothers. Another $582 million has also been financed to assist over 3,800 low-income households (those earning below 80 percent of the Area Median Income) in purchasing their first home.

SONYMA, which operates under the umbrella of HCR, offers low-cost, fixed-rate mortgages with reduced down payment requirements to help make buying a home more affordable. Optional features provide additional financial support, including down payment assistance and funds for repairing or remodeling homes. Programs include:

• Achieving the Dream - This 30-year fixed mortgage offers low fees, flexible down payment options, and can be combined with other grants or subsidies.
• Low-Interest Rate Program - Allows buyers to purchase a home with a lower down payment requirement, including one- to four-family homes, condos, co-ops, and manufactured homes. This 30-year fixed-rate mortgage offers competitive interest rates and down payment assistance.
• Manufactured Home Loan Program - Buyers can purchase, refinance, or site a manufactured home that is permanently affixed to a foundation on owned or leased land. Low rates, down payment assistance, and flexible terms are available.
• Down Payment Assistance Loan - This loan can be added to any SONYMA mortgage program to help cover down payments, closing costs, and/or mortgage insurance. This loan, forgiven over 10 years, can help lower monthly payments and make buying a first home more affordable.
• RemodelNY Program - This program can be combined with SONYMA's Low Interest Rate and Achieving the Dream Programs, as well as Homes for Veterans or historic home tax credit benefits.
• Homes for Veterans Program - Low-interest home loans for veterans, active service members, and their spouses. Down payment assistance, lower interest rates, and flexible terms make homeownership more accessible.
• Graduate to Homeownership Program - Access low-interest mortgages and down payment assistance through this program for recent college graduates. Combine this with other SONYMA grants and programs to make buying your first home easier.

SONYMA complements HCR's work to advance affordable homeownership, including its Affordable Homeownership Opportunity Program, Affordable Homeownership Development Program, MOVE-IN NY, Block by Block, and HOME Homebuyer Initiative programs.

About SONYMA:

The State of New York Mortgage Agency offers low-interest mortgage loans and programs to help qualified buyers purchase their first home. SONYMA provides access to affordable homeownership by removing many of the barriers faced by first-time homebuyers.

Individuals and families can connect with the SONYMA team online at hcr.ny.gov/sonyma or by telephone at 1-800-382-4663. The website and customer service representatives provide information on home buying by addressing important topics such as income requirements, purchase price limitations, affordability, target areas, homeownership counseling and homeownership readiness.

SONYMA does not take loan applications or service loans directly. A list of participating lenders is available online.

About Governor Hochul's Housing Agenda

Under Governor Hochul's leadership, HCR programs have supported more than $20 billion in total housing investment across the state, leveraging partnerships with the private sector and State and local governments. This includes $5.3 billion through its multifamily housing programs, and $1.1 billion in community development grants through HCR's Office of Community Renewal. In addition, the FY27 Executive Budget invests $250 million in capital funding to accelerate the construction of thousands of new affordable homes.