Partners with Federal Home Loan Bank of New York Homebuyer Dream Program
BROOKLYN, N.Y., July 22, 2019 (GLOBE NEWSWIRE) -- First-time homebuyers in New York and New Jersey now have a greater opportunity to attain home ownership. Dime Community Bank (the “Bank” or “Dime”), subsidiary of Dime Community Bancshares, Inc. (the “Company”) (DCOM), announced today it is partnering with the Federal Home Loan Bank of New York (FHLB) to help first-time homebuyers overcome the challenges of paying the upfront costs associated with purchasing a new home.
As part of the Homebuyers Dream Program (HDP), eligible first-time homebuyers may qualify to receive grants of up to $14,500 to be used towards down payment and closing cost assistance for purchasing their first home. Additionally, the FHLB will offer up to $500 towards the defrayment of homeownership counseling costs.
“Today, many first-time homebuyers face a formidable challenge of raising funds to pay for down payments, closing costs and attorney’s fees,” noted Nancy Tomich, Dime Senior Vice President, Residential Lending. “As a bank with a 155-year legacy of helping individuals, businesses and local communities, Dime is proud to help homebuyers reach their goals of home ownership through this initiative with the Federal Home Loan Bank of New York,” she added.
The Homebuyer Dream Program provides funds in the form of a grant to be used towards down payment and closing cost assistance to first time homebuyers earning at or below 80% of the Area Median Income (AMI) and purchasing homes in New York or New Jersey. The 2019 Homebuyer Dream Program Round, which launched on July 8, 2019, will be administered on a first-come, first-served basis and will remain open for reservations until funds are exhausted or until Friday, November 29, 2019 at 5:00 P.M, whichever occurs first.
For more information about the Homebuyer Dream Program and how to qualify, visit www.fhlbny.com or contact Dime Community Bank, Residential Lending through Greg Hong at (631) 768-1308.
ABOUT DIME COMMUNITY BANK
Dime Community Bank (the "bank") was founded in 1864, is headquartered in Brooklyn, and is a wholly-owned subsidiary of Dime Community Bancshares, Inc. (DCOM). Dime currently has 29 branches located throughout Brooklyn, Queens, the Bronx, Nassau County and Suffolk County, New York. More information on the bank can be found on Dime's website at www.dime.com.
Contact: Greg Hong
Vice President – Residential Lending