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Q&A
Home First Loan Program assistance and new homeownership initiatives
1:36:24
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100 sec
Council Member Williams inquires about the total number of homeowners assisted by the Home First Loan Program and HPD's plans for new term sheets or programs for homeownership. Acting Commissioner Tigani responds with information on new and updated programs.
- New Opendoor and ANCP term sheets introduced to address previous issues
- Exploration of tenant-to-ownership conversions for distressed buildings
- Implementation of Option D in 45X to leverage more homeownership opportunities with less subsidy
Nantasha M. Williams
1:36:24
And just ask one more question, sorry and I'm trying to respect the chair's wishes.
1:36:30
So two quick questions, what is the total amount of homeowners who have been assisted by the Home First Loan Program in fiscal twenty twenty four and year to date in fiscal twenty twenty five and then lastly does HPD have any plans to develop new term sheet term sheets or programs for home ownership?
1:36:50
Something that can really be scaled up.
1:36:53
Programs like Home First are great but they are really small and such a tiny percentage of new construction.
Ahmed Tigani
1:37:02
So I think in that breakdown I have to come back to the numbers but to your question about the term sheets, the new open door term sheet is now going to be out that which I think will be will meet some of the issues or questions that we've gotten in the past.
1:37:18
The new ANCP term sheet is out, which again not only creates homeownership for the tenants who have been doing this for equity, but vacant units become open units to the community.
1:37:27
You know, we have continued to look at tenant to ownership conversions as something in our work, especially given the number of buildings looking for different options because of financial or physical distress.
1:37:41
And the last thing I would say is 45X did include option D, which was something that was very important to everyone was part of those negotiations.
1:37:50
And we believe we've heard some good interest.
1:37:53
The numbers for that is something we'll publish soon.
1:37:56
And we're continuing to see how we can use option D as a way to leverage more homeownership opportunity with less subsidy.