Reopened Program Paves Way For 1st X Homeownership In East Hampton

EAST HAMPTON, NY — East Hampton town officials have just announced the reopening of a program that paves the way to first-time homeownership.

The East Hampton Town Office of Housing and Community Development has reopened its First-Time Homebuyer Down Payment Assistance Program for 2025.

The program offers interest-free loans of up to $30,000 to qualifying first-time homebuyers, town officials said. The loans, which require no monthly payments, are repayable in full upon the future sale of the property and are secured through a lien.

Funded by the East Hampton Town Community Housing Fund, established through a 0.5 percent 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 collected $16,444,975.66 so far.

"This program is one way we can start to reverse the troubling trend of people being priced out ofthe very community they serve," said East Hampton Town Councilman 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 East Hampton 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."

Key program details:

• Loan Amount: Up to $30,000 interest-free, with no monthly payments.
• Repayment: Full repayment upon future sale of the property.
• Eligibility: First-time homebuyers who are current residents or have been residents within the past five years, or those currently employed in East Hampton Town.
• Income Limits: 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.
• Property Criteria: The purchased home must qualify as "community housing," with a maximum purchase price currently set at $1,768,500.
• Application Process: 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 additional information, including program guidelines and application forms, click here.

Spanish-language materials are currently being prepared and will be made available on the town's website.

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