First Home Clubsm(FHC)

The First Home Clubsm (FHC) was launched by the HLB in 1995 to offer an incentive for households with incomes at or below 80% of area median income to save towards the purchase of a new home. The program is a non-competitive set-aside of the HLB’s Affordable Housing Program and is administered through approved members of the HLB.The FHC provides down payment and closing cost assistance by granting $4 in matching funds for each $1 saved in a dedicated account (up to $7,500 in matching funds) to an eligible first-time homebuyer purchasing a home through one of our approved member community lenders.

By offering the FHC in your institution, HLB Members can increase their deposits and mortgage originations and enhance their public relations and their CRA credit.

Read more about FHC for HLB Members

If you are a first-time homebuyer and would like to participate in the FHC, contact a participating HLB Member so that they can determine eligibility.

Read about FHC for First-Time Homebuyers


The Federal Home Loan Bank of New York has exciting news to share!

A New First-Time Homeowner Grant Program Is Coming In Mid-2019

FHLBNY is committed to working with our members to facilitate a smooth transition from the First Home Clubsm to the new program. The modernized program features include: 

  • Flexibility on the administration of your program
  • Increased grant amounts 
  • Equity contribution without systematic savings
  • Online reservation requests

Stay tuned for additional details.

We value your ongoing commitment and your support to help us advance
first-time homebuying within your communities.

FHC Success Stories

First Home Clubsm Recipient Spotlight
Member: The Summit Federal Credit Union
Recipients: Darlyn Colon

Family Realizes Their Home Ownership Dream
Member: Ulster Savings Bank
Recipients: The Brehse Family

› Other Success Stories