Q&A
Programs to help homeowners afford and navigate ADU development
1:35:54
·
5 min
Chair Garodnick and Commissioner Carrión discuss programs and strategies to help homeowners afford and navigate the process of developing Accessory Dwelling Units (ADUs). They emphasize the potential benefits of ADUs for homeowners while acknowledging the challenges.
- Garodnick notes that the proposal first aims to create the opportunity for ADUs in zoning
- Carrión outlines HPD's three-pronged strategy to support existing homeowners and expand homeownership opportunities
- They mention specific programs like Home Fix and Project Help that could assist homeowners with ADU development
Kevin C. Riley
1:35:54
In addition to providing housing, ADUs have the intended benefit of bringing in an extra income for existing homeowners.
1:36:02
However, we all know that the cost of building out an ADU or bringing an existing ADU into compliance is very expensive and possibly cost prohibitive.
1:36:12
What programs does the administration have in mind to help homeowners afford these expenses and also to help navigate the building and compliance process?
Daniel Garodnick
1:36:21
So first things first here.
1:36:23
I think we we need to create the opportunity.
1:36:27
There is no opportunity today in zoning, and you are correct to say that it is expensive.
1:36:32
In many cases, it will not work for a homeowner.
1:36:36
They may have absolutely no interest in it.
1:36:38
In fact, 95% of single or 2 family homeowners are not gonna take advantage of this.
1:36:44
So that's the overwhelming majority.
1:36:47
So for the 5% that do take advantage, it will be meaningful to them.
1:36:52
It will be meaningful to them to generate some income off of their own property, to help them pay for their own mortgage, pay for some college tuition bills, build family wealth.
1:37:03
These are good things.
1:37:04
New York City homeowners, should have this opportunity.
1:37:08
We want them to have the opportunity, and I'll turn to Commissioner Carreon about programs that might be associated with making it easier.
1:37:15
But the first thing we need to do here is make it possible.
Adolfo Carrión Jr.
1:37:19
Thank you, Chair.
1:37:21
We're committed to supporting existing homeowners and expanding homeownership opportunities, particularly in lower income communities and communities of color that have historically been excluded from opportunities to build and maintain wealth.
1:37:36
We have a 3 pronged strategy that focuses on retaining and stabilizing existing homeowners, increasing access to homeownership opportunities with one of my favorites, down payment assistance that we increased from $40,000 to $100,000 per household and creating new home ownership opportunities.
1:38:02
We have a suite of programs that as an agency, and many of you have worked with us to bolster and fund these these programs, but they include the home fix program where we relaunched in September.
1:38:17
Just September, we're taking applications.
1:38:20
It provides low cost funding to 1 to 4 family homeowners earning up to 165 percent of of AMI.
1:38:29
We received funding in fiscal year 24 in the January plan to expand the home fixed program and continue.
1:38:38
We continue to expand the staffing around it.
1:38:41
We have a new home fixed contract of $10,300,000.
1:38:47
We have project help, which helps provide forgivable loans to of up to $20,000 to eligible homeowners with loan terms of 15 years.
1:39:00
We have we've established working with you, the homeowner help desk.
1:39:07
We have legislation that came out of this body to create the homeowner advocate, which is in place and it happened last year.
1:39:18
So we have an extensive suite of programs.
1:39:23
We're also working with the state attorney general on deep theft and all the important work around that, preventing deep theft and helping folks know their rights.
1:39:34
So there is a a lot of work being done around supporting homeowners.
1:39:41
The key here is to ensure that we expand the footprint of opportunity around the city.
1:39:48
And one of the ways that the accessory dwelling unit program helps and you heard about the response that we got.
1:39:55
In 2 months, we had 28100 responses on the pilot alone.
1:40:02
We expect that while it will be huge, it will be a little material impact in neighborhoods across the city.
1:40:11
And and like the chair said, you know, you you you have folks who are aging.
1:40:17
The kids are gone.
1:40:18
They're having a hard time maintaining their homes and the cost of living in New York City.
1:40:24
That extra income in a well designed safe space will work for them.
1:40:30
It will also work for young families.
1:40:32
You have starter folks who have a couple of children to try to make it.
1:40:38
And and extra income would be very helpful for them as well.
1:40:42
It keeps families together.
1:40:44
It helps seniors.
1:40:45
So this is important work, and we look forward to the continued partnership with this body.
1:40:52
We appreciate the speakers' focus on on homeownership and the bill that you've presented that we're in discussions about.
1:41:00
We look forward to those continued discussions.
