Open to First-Time Homebuyers
By Hank Russell
The East Hampton Town Office of Housing and Community Development is reopening its First-Time Homebuyer Down Payment Assistance Program for 2025. This initiative aims to assist eligible residents in achieving homeownership within the town.
The program offers interest-free loans of up to $30,000 to qualifying first-time homebuyers. These loans, which require no monthly payments, are repayable in full upon the future sale of the property and are secured through a lien. This program is open to current town residents, those who have lived in the town for the past five years or those currently working for East Hampton Town.
Funded by the East Hampton Town Community Housing Fund, established through a 0.5% real estate transfer tax approved by voters in 2022, the program underscores the town’s commitment to supporting affordable housing opportunities for its residents. The Fund has thus far collected $16,444,975.66.
“This program is one way we can start to reverse the troubling trend of people being priced out of the very community they serve,” said Councilmember Ian Calder-Piedmonte. “Whether you’re a teacher, healthcare worker, or small business employee, we want you to be able to put down roots here and call East Hampton home.”
“Buying your first home can be exciting, stressful, and overwhelming all at once for a lot of people in our community,” said Town Supervisor Kathee Burke-Gonzalez. “This program is about helping folks who live and work here with closing costs or down payment assistance. It’s about more than buying a house, it’s about giving folks the chance to put down roots, and be part of the place they love.”
Applicants must have a combined income that does not exceed the limits established by the Community Housing Fund state law. At present, the income limit for a one or two-person household is $184,680, and $215,460 for a three or four-person household.
The purchased home must qualify as “community housing,” with a maximum purchase price currently set at $1,768,500.
Applications are accepted on a rolling basis and are awarded on a first-come, first-served basis, subject to funding availability and approval by the East Hampton Town Board.
Prospective applicants can apply for the program before selecting a property. Approved individuals will receive a Purchaser Certificate, valid for one year, verifying the availability of funds.
For details about the program, click here. To apply for a down payment, click here.
Spanish-language materials are currently being prepared and will be made available on the town’s website.