Q&A
Home First down payment assistance program statistics and improvements
0:56:14
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161 sec
Deputy Commissioner Kim Darga provides statistics on the Home First down payment assistance program and discusses recent improvements and future plans.
- In the last decade, just under 1,000 first-time home buyers were assisted in acquiring homes in New York City
- In the last 5 years, 636 families applied, and 373 applicants (about 60%) received financing
- Recent improvements include:
- Increased limit to $100,000 for down payment assistance
- New authority to use city resources for down payment assistance
- Plans to bring on a second servicer and requalify housing counseling agencies
- Exploring ways to expand the program's reach and scale
Adrienne E. Adams
0:56:14
Okay.
0:56:15
That's that's good to hear.
0:56:18
Just a couple more, and then I'm going to hand it over to the chair and my colleagues to continue.
0:56:24
And and looking at down payment assistance, you spoke a little bit about that deputy commissioner.
0:56:29
The home first program how many people have actually applied to home first over the last 5 years?
Kim Darga
0:56:39
So I think I have the applications.
0:56:42
I will double check that I might have to get back to you in a minute.
0:56:47
We have I know that we have actually, in the last decade, assisted just under a 1000 first time home buyers and acquiring a New York City.
0:57:01
It's actually the amount that we've helped the amount of homeownership, we've helped home New Yorkers access through home first, far surpasses, open door, ANC or any other individual program.
0:57:16
And we actually think there's really significant opportunities to think about ways that we could actually do more through that program.
0:57:28
For example, last year, we so we added additional home funds.
0:57:34
We increased the limit to a 100,000.
0:57:36
That certainly helped in being able to access homeownership opportunities in various markets across the city.
0:57:42
We have primarily used home funds because we didn't have the authority under state law to actually provide down payment assistance.
0:57:54
Last year, the state legislature amended our loan authorities.
0:57:57
And so for the first time, we could actually use city resources.
0:58:03
And so we've been trying to figure out what are there ways to expand what we're doing?
0:58:09
We've actually were bringing on a second servicer, and we are requalifying the housing counseling agencies in order to have a larger footprint in communities across the city.
0:58:24
And we're trying to figure out now what we could do to allow New Yorkers to increase more markets and to increase the scale.
0:58:33
Okay.
Adrienne E. Adams
0:58:34
I think I'm gonna say
Kim Darga
0:58:35
Oh, and I'm sorry.
0:58:36
I do I'm sorry to interrupt, but We had in the last 5 years, there were 636 homeowners families that applied, and 373 applicants got financing from us, so about 60%.
Adrienne E. Adams
0:58:51
60%.
0:58:52
Okay.
0:58:53
Okay.
0:58:54
Thank you.
