PUBLIC TESTIMONY
Testimony by Anthony Coker, Homeownership Program Manager at Neighbors Helping Neighbors
2:20:11
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178 sec
Anthony Coker, representing Neighbors Helping Neighbors and Fifth Avenue Committee, testifies in support of increasing affordable homeownership opportunities in New York City. He emphasizes the importance of homeownership in addressing the racial wealth gap and promoting community stability.
- Advocates for increasing HPD support for homeownership to 6%, while ensuring existing affordable housing projects are fully funded
- Highlights the high demand for homeownership among low and moderate income New Yorkers, with 98% of surveyed residents identifying it as a goal
- Stresses the benefits of homeownership, including long-term wealth building, community stability, and improved outcomes for children
Anthony Coker
2:20:11
Good morning.
2:20:12
My name is Anthony Coker, and I'm a homeownership program manager at Neighbors helping neighbors.
2:20:16
How to prove housing, housing, housing agency, in Brooklyn that promotes racial justice while empowering low and moderate income New Yorkers to 54, secure and maintain quality housing, and build financial assets.
2:20:26
I'm testifying on behalf of NHS and our parent organization, Fifth Avenue Committee.
2:20:30
Affordable home ownership is a critical component of our strategy to ensure long term housing stability and economic equity within New York City.
2:20:38
As you know, recent data indicates that only 3% of new units funded by the Department of housing preservation and development have been dedicated to homeownerships since 2014.
2:20:46
As a result, a critical tool to address the racial wealth gap and to stabilize communities across New York City's left untapped.
2:20:53
House flippers and corporate investors are increasingly taking what little supply remains affordable purchase options for low and moderate income New Yorkers.
2:21:02
And of course, mortgage interest rates have also negatively impacted low and moderate income estimates ability to purchase starter homes and climb the economic ladder.
2:21:12
As a housing council over the past 8 years, I've seen that this dream is still shared by many black and brown New Yorkers, and there is a pressing need to enhance support for the first time for these first time home buyers to help them overcome financial barriers to purchasing their own homes.
2:21:25
In our survey of Nitro residents, 98% identified homeownership as a goal.
2:21:31
We don't live in a city of tenants and owners.
2:21:33
We share similar goals.
2:21:34
Tip down the committee supports the proposed legislation to increase HPD support for homeownership to 6% in the coming years, but that must not come at the expense of funding, the pipeline of existing affordable housing projects, many of which have been waiting 4 years for necessary subsidy to be built or renovated.
2:21:50
Fifth Avenue Committee through its housing development projects is aligned with the city's goal of increasing access to affordable housing for low and moderate income residents.
2:21:57
Through our projects, we have created 1400 units of affordable homes and have an additional 2000 homes for LMI New Yorkers in our pipeline.
2:22:06
That 2000 unit pipeline includes over 60 units for first time home buyers, but more support is needed.
2:22:11
To further underscore the needs, to fill to fully fund the existing pipeline and the requisite HP staff needed to advance it.
2:22:19
FACT was recently told by HP they couldn't assign a project manager for a substantial rehab project for at least 18 months.
2:22:27
An increase in affordable homeownership will help working families build long term wealth, create stable communities, and build economic resilience.
2:22:34
Homeownership creates the stability that children need for academic success, and it greatly reduces household stress with children again can be impacted.
2:22:41
Owning a home can create a financial buffer against economic downturn in a city like ours with high living costs and economic fluctuations.
2:22:48
Any increase in funding coupled with this, the work of non profit community will help create a column remaining place which should be a key objective for our city.
2:22:56
We urge city council to pass this legislation so that more families can utilize the benefit of homeownership while ensuring the existing pipeline of affordable projects at HPD is fully funded in the time of your passing.
2:23:08
I'm sorry I went over.
