QUESTION
Is the Department of Housing Preservation and Development (HPD) considering new homeownership programs to add to the Open Door term sheet?
0:35:04
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55 sec
HPD is not adding new homeownership programs to the Open Door term sheet but is focusing on other forms of homeowner support.
- Only the Open Door term sheet is currently considered for building homeownership.
- HPD is exploring other agency programs like homeowner help desks, home fix, and down payment assistance.
- These programs aim to meet homeowners’ needs in areas without a market for homeownership.
- Resources are being allocated citywide to support homeowners, in addition to new construction through Open Door.
Oswald Feliz
0:35:04
And one final question with the chair's permission.
0:35:09
Currently, HPD has 1 home ownership term sheet, the open door term sheet.
0:35:14
Is HPD considering adding new programs that would provide more flexibility and make it easier to build homeownership?
Arvind Sindhwani
0:35:22
At this time, we're only considering the open door door term sheet.
0:35:27
As the main driver for building homeownership from our agency, but we are looking into different agency programs such as the homeowner help desks, including home fix and down payment assistance to meet the needs of homeowners, where there might not be a market for homeownership or just meeting the needs of everyday homeowners in New York in a different way other than just building.
0:35:52
So we are bringing resources to homeowners citywide as well in addition to new construction through Opendoor.
Oswald Feliz
0:35:57
Thank you.
0:35:57
Thank you so much for the information.