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HPD's strategies for supporting existing homeowners and creating new homeownership opportunities
1:49:19
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152 sec
Commissioner Carrión outlines HPD's three-pronged strategy for supporting homeownership in New York City.
- Focus on retaining and stabilizing existing homeowners to prevent the flight of moderate and middle-income families.
- Create new opportunities for homeownership through programs like down payment assistance.
- Finance models like OPEN DOOR to create cooperative and condominium opportunities for families.
- Balance the commitment to homeownership with the overwhelming need for affordable rentals in the city.
Adolfo Carrión Jr.
1:49:19
Thank you, Dan.
1:49:20
Madam speaker, I mentioned our 3 pronged strategy about retaining and stabilizing existing homeowners, which I think is absolutely critical because we saw over a 10 to 15 year period the flight of many moderate income and middle income black families that left New York at least 200,000 of them because they couldn't hold on to their homes.
1:49:47
They were homeowners that left to other parts of the country.
1:49:50
We don't wanna see that continue.
1:49:52
So a lot of our work has to do with ensuring that we support existing homeowners.
1:49:58
ADU fits in, right, hits the sweet spot there.
1:50:01
In addition to that, I mentioned creating new opportunities for homeownership.
1:50:09
Our down payment assistance program is the door to homeownership for many, many families where it's out of reach.
1:50:17
They simply don't have the savings the closing costs necessary.
1:50:21
They do have the family income once they get in, and so we open that door.
1:50:27
The other thing that this does is create new opportunities to finance the models that we have LIKE OPEN DOOR, LIKE WE'VE DONE UP IN THE BRONKS TO FINANCE COOPERATIVE AND CONDAMINIUM OPPORTUNITIES FOR FAMILIES These are starter homes.
1:50:50
That can leverage.
1:50:51
And again, you know, the chair talked about generational inter an intergenerational wealth that can be transferred.
1:50:59
That tool, that opportunity within the context of the this zoning proposal.
1:51:06
You know, like I said earlier, our work lives inside this.
1:51:10
And so if we expand and we streamline and we simplify and we make it so that it's more efficient for us to finance these deals.
1:51:22
We're interested in doing that.
1:51:23
We're committed to homeownership as you are.
1:51:27
The overwhelming need continues to be renters.
1:51:31
And rentals, and affordable rentals in the city.
1:51:33
And, you know, we've everybody has talked about the 1.4% vacancy rate and working and low income and modern income families not being able to find an affordable home.
1:51:44
But that commitment lives side by side with our commitment to create new home ownership opportunities and support homeowners.