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Launched by the Federal Home Loan Bank of New York (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 FHC provides down payment and closing cost assistance by granting four dollars in matching funds for each dollar 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 members.