PUBLIC TESTIMONY
Testimony by Kevin Wolfe, Deputy Director of Advocacy at Center for New York City Neighborhoods
7:06:10
·
124 sec
Kevin Wolfe, representing the Center for New York City Neighborhoods, expressed conditional support for the City of Yes proposal. He focused on three critical areas of homeownership: opportunities for new homeownership, accessory dwelling units, and preservation of existing homeownership.
- Wolfe suggested that by investing $9 billion in affordable homeownership and leveraging zoning changes, the city could create 120,000 new units of affordable homeownership for 400,000 New Yorkers over a decade.
- He emphasized the potential of accessory dwelling units (ADUs) to provide financial relief for homeowners and senior citizens, calling for allocated funds for outreach, technical assistance, and construction financing.
- Wolfe highlighted the need for continued investment in homeowner services to prevent foreclosures, particularly in BIPOC communities where 8% of existing homeowners are mortgage delinquent.
Kevin Wolfe
7:06:10
Great.
7:06:11
Thank you so much, Cheryl Riley, and good afternoon to you all.
7:06:15
My name is Kevin Wolfe, and I'm the deputy director of advocacy for the Center for New York City Neighborhoods.
7:06:21
The center is one of the largest homeowner service organizations in New York City.
7:06:25
And since 2008, we have worked with both public and private partners to assist over 200,000 homeowners in all five boroughs in New York City.
7:06:34
We support the city of yes, but with some conditions.
7:06:37
And I wanna focus today on these three critical areas of homeownership that are touched by the proposal, opportunities for new homeownership, accessory dwelling units, and preservation of existing homeownership.
7:06:49
The city of yes proposal could greatly enhance affordable homeownership, especially for historically excluded communities.
7:06:56
We think that by investing $9,000,000,000 in affordable homeownership and leveraging the the zoning changes in the city of yes, through programs like neighborhood pillars and open doors, we estimate New York City could create a 120,000 new units of affordable homeownership for 400,000 New Yorkers over the course of a decade.
7:07:16
And the initiative has the potential to close the racial wealth gap and promote generational wealth, which aligns with our mission of of equitable homeownership.
7:07:23
On accessories, dwelling units, we think that they can provide vital financial release, particularly to homeowners and senior citizens facing high maintenance costs, and we think The city should allocate funds for outreach technical assistance, construction financing, to qualify community based organizations, to help these homeowners rehabilitate ADUs, and help implement the program in order for it to address inequities.
7:07:46
Finally, with 8% of existing homeowners in New York being mortgage delinquent, particularly in bipop communities.
7:07:53
The foreclosure prevention program funded by the city council assess 2000 homeowners annually, and we ask the city to continue to invest up to $8,000,000 in these homeowner services to prevent foreclosures and to support the estate planning initiative that was just recently
UNKNOWN
7:08:09
The time has expired.
Kevin Wolfe
7:08:11
Great.
7:08:11
I thank you for this opportunity to testify, and I'll provide additional detail.
Kevin C. Riley
7:08:15
Thank you, Mister Wolfe.
