Q&A
Council member inquires about federal and state funding for homeownership programs
2:10:44
·
3 min
Council Member Selvena Brooks-Powers questions HPD officials about federal and state funding for homeownership programs in NYC. The discussion covers various funding sources, including HUD, HOME funds, and state programs, as well as how these funds are allocated and used for different homeownership initiatives.
- HPD officials explain the use of HOME funds for down payment assistance and senior housing
- State-level funding sources are discussed, including the Affordable Homeownership Opportunities Program and AHC funds
- The conversation highlights the need for additional resources at both federal and state levels to support homeownership programs
Selvena Brooks-Powers
2:10:44
My last my last last question.
2:10:47
I promise.
2:10:49
So my understanding is this federal funding through HUD that trickles down from the date to the city.
2:10:56
Mhmm.
2:10:57
Can you just tell us how much money the city receives?
Ahmed Tagani
2:11:00
Mhmm.
Selvena Brooks-Powers
2:11:01
And how much of that has been used to create homeownership offer communities.
Kim Darga
2:11:09
So we That
Selvena Brooks-Powers
2:11:09
was a part of the money we used for Ocean Crest.
2:11:12
Oh, we're looking to use for Ocean Crest.
2:11:14
So I just would like to know how much the city has received, how much of it has been committed already out of that pot.
Kim Darga
2:11:21
Okay.
2:11:22
So we use home funds to to federal funds to fund our down payment assistance.
2:11:30
And we I need to double I think we have 10,000,000 in home funds this year, which is an increase increase, but folks are double checking.
2:11:42
Okay.
2:11:43
Yeah.
2:11:44
So we it was an increase that in home funds at the local level.
2:11:49
We are there's only so much home that New York City gets.
2:11:53
And so we really we also use it to build senior housing in New York City.
2:11:59
In fact, that's one of the major sources for our senior affordable rental assistance program.
2:12:05
Those are the 2 main uses.
Selvena Brooks-Powers
2:12:07
Or You got the same pot we're talking about because this is specific my understanding it was for home ownership.
Ahmed Tagani
2:12:13
Yeah.
2:12:14
I think the a hap the the state a hap program
Kim Darga
2:12:17
So there are so on the federal level, we're using home.
2:12:20
That's for down payment assistance.
2:12:22
We don't use it to finance real estate.
2:12:25
We finance homeowners, right, through the down payment assistance program.
2:12:30
At the state level, there are 2 main sources that we are using today in projects, and this may be what you're thinking of.
2:12:38
There's the affordable homeownership opportunities program, which is $400,000,000 at the state level.
2:12:44
We expect a portion of that to be allocated in New York City to support particularly open door projects.
2:12:53
And then in addition to that, there is the AHC funds of Affordable Homeownership Corporation, which provides assistance to home buyers depending on their income.
2:13:07
It also helps us support our affordable neighborhood cooperative program project.
2:13:13
So those are the 2 programs where most of that state money is flowing in.
2:13:17
This state also is, as Ahmed mentioned, has a down payment assistance program.
2:13:25
We separately administer ours and theirs, and So those are the main sources.
Selvena Brooks-Powers
2:13:31
And all the money is being used at?
Kim Darga
2:13:33
Yes.
2:13:34
There is.
2:13:36
We would welcome additional state resources and federal resources.
2:13:41
We could use more.
Selvena Brooks-Powers
2:13:43
Thank you.
Rafael Salamanca, Jr.
2:13:44
Alright.
2:13:44
Thank you very much.
2:13:45
I wanna thank you both for your testimony.
