For many cash-strapped New Yorkers, the dream of home ownership is out of reach. But a city program hopes to change that. It’s increasing by 60 percent the money it provides qualifying home buyers to cover their down payments or closing costs. NY1's Clodagh McGowan has the exclusive details.

For Amanda Dunne, a single mom who works full time and attends law-school at night, finding an apartment was difficult.

She was making $40,000 a year, putting many condos and co-ops out of reach.  She hated the idea of renting because her checks would be paying someone else's mortgage.

"I have the type of mindset where when I put money into something, I want to get something out of it and when it comes to renting, you're not really getting a lot out of it," said Dunne.

She did some research and discovered the city's department of Housing Preservation and Development offers qualified, first-time buyers money toward the down payment or closing costs on a home, condo or co-op. It’s under a program called Home First Loan. 

"By having a larger down payment, I have smaller mortgage payments," said Dunne.

The city gave her $10,000 toward her down payment. She closed on this $185,000 one-bedroom apartment in Flushing last year, creating a home for her family.

"I really like the space, it's big," said Jayden Elliot, Amanda's son.

The city on Monday increased the maximum amount of money available to qualified buyers to $40,000, up from $25,000. Applicants must qualify for a mortgage based on their credit history, income and the cost of the home they are buying. The loan is forgivable, participants who live in their new home for at least 10 years don't have to pay it back.

Dunne says the program gave her financial breathing room to attend law school.

"I am very proud of myself and very grateful for the program," said Dunne.

Now, she hopes her story will educate others...and let them know homeownership is in reach.