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PUBLIC TESTIMONY
Testimony by Christie Peale, CEO and Executive Director of Center for New York City Neighborhoods
5:24:41
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123 sec
Christie Peale, CEO of the Center for New York City Neighborhoods, testifies on the fiscal year 2026 budget proposals impacting affordable homeownership in New York City. She urges the council to codify over $110 million in commitments to support affordable homeownership and establish an oversight committee to ensure these historic investments are realized.
- Advocates for $7.5 million in resources to support new and existing homeowners, with $2.8 million representing existing City for All commitments
- Highlights challenges faced by homeowners, including foreclosures, tax lien sales, and the need for home repairs
- Commends the council's holistic approach to addressing the housing crisis, emphasizing the need for various housing solutions
Christie Peale
5:24:41
Good afternoon chair Sanchez.
5:24:42
Thank you so much for the opportunity to testify today.
5:24:45
My name is Christie Peel and I serve as the CEO and executive director of the Center for New York City Neighborhoods.
5:24:51
Our mission is to promote and protect affordable homeowner, homeownership so that New York families and neighborhoods thrive.
5:24:58
We're focusing on the fiscal year twenty six budget proposals that impact affordable homeownership but I wanted to compliment the chair and the housing committee for a holistic approach not just to everything but also to the housing crisis.
5:25:11
We know that we need rental vouchers, we need supportive housing, we need open door investments, we need it all because we're one city and it's a big crisis.
5:25:20
So, we are urging the council today to codify the over $110,000,000 in commitments to supporting affordable homeownership that was negotiated as part of the City for All, City of Yes negotiation.
5:25:34
The council should establish an oversight committee inspired by the Gowanus rezoning to ensure that these historic once in a lifetime, hopefully not once in a lifetime, but these historic commitments are realized over the next administrations.
5:25:47
This is perhaps the city's largest investment in affordable home ownership perhaps since maybe the Micho Lama program certainly in decades and we must ensure that homeowners and communities have the resources to navigate a more daunting and aggressive competitive market that consists of foreclosures, 22,000 homeowners on the tax lien sale, tens of thousands of families facing mortgage foreclosure, and many families targeted by scams.
5:26:15
And as we've understood through our community based research, as you've heard from my colleagues, over 60% of homeowners identify that home repairs are their biggest challenge.
5:26:26
So, we need many resources.
5:26:28
We appreciate the partnership and support of the council, and we're advocating for $7,500,000 in resources to support new and existing homeowners, 2,800,000.0 of which represent existing City for All commitments.
5:26:43
Thank you.