Q&A
Concerns about limited homeownership production and program accessibility
1:24:08
·
117 sec
Council Member Sanchez expresses concerns about the limited homeownership production in certain districts and the need for targeting lower AMI levels in HPD's programs.
- Sanchez points out that only 0.7% of new affordable units in her district over the last decade were for homeownership
- She questions the accessibility of down payment assistance programs for lower-income households
- Sanchez asks about the resources needed to target Open Door and Home First programs to lower AMI levels
- She inquires about the potential for converting LIHTC subsidized rentals to homeownership after 15 years
Pierina Ana Sanchez
1:24:08
I'm sorry.
1:24:08
Because I'm on on the clock and I and I wanna be mindful, but I I know that for for my district, only 0.7% of new affordable units in the last decade have been of have been homeownership.
1:24:20
So that's 12 homeownership units subsidized by the city of New York compared to 1700 rentals.
1:24:28
That to me is not in comportment with what a city that is trying to afford affirmatively further, fair housing would be would be doing.
1:24:36
So Just just highlighting that and Yeah.
1:24:40
Also just on on down payment assistance, 80% of AMI is an income for a of a household that is earning a $100,000 for a family of 3.
1:24:50
My neighborhood is at about half of that.
1:24:52
So no down payment assistance in a district like mine, no next to no homeownership production.
1:25:00
So turning this into into a question, what what would resources need to look like for HPD to target open door to lower AMI levels, to target open door to target down payment assistant assistance to even get to something like 60% of AMI, 50% of AMI.
1:25:20
And let me just I'm just gonna ask them well, because I'm gonna run out of time.
1:25:28
The homeowner the sorry.
1:25:30
Home First, the down payment assistant program targets households making at making up to 80% of AMI, what level of additional resources would HPD need to make home first viable from lower income households?
1:25:42
And very important just hearing your concerns about maxing maximizing federal resources like light tech, wanting to leave nothing on the table in terms of the array of housing that HPD finances.
1:25:54
In the last decade, how often has HPD turned light tech subsidized rentals that expire into homeownership after year 15, which I understand you you are able to do.
1:26:03
Are we leaving anything on the table there?
