Jamaal Bailey grew up in a building his family owned on Paulding Avenue in the North Bronx, in an area where it’s common for Black households to own their own homes. [...]
City housing plans typically had a homeownership component, noted Rafael Cestero, who served as city housing commissioner under Mayor Mike Bloomberg. Started during the administration of former Mayor Rudolph Giuliani, thesupplied developers with small city-owned parcels of real estate, plus loans, for the construction of affordable homes for purchase.
“It’s a great tool in the toolbox of creating housing,” said Christopher Ptomey, executive director of the Terwilliger Center for Housing of the Urban Land Institute, a national organization.The scale of what it will take to move the needle in New York City is daunting. The Adams administration aims to keep current owners in their homes when they run into financial and other difficulties like the need for extensive repairs.
The most specific action Adams and Katz have described so far is a promised doubling of funding for Home First, which provides up to $100,000 in down payment assistance, as well as expansion to more people with moderate incomes. The goal: triple home purchases under the program to 300 annually. The plan commits to a significant increase in resources for the existing HomeFix program to help low- and moderate-income homeowners in one- to four-unit properties fund home repairs ranging from windows to roofs.
Albany will need to approve legislation to make land trusts viable in New York, which is well behind other places in using this option.The mayor declined to set specific goals for the volume of new housing to be built or the number of people to be helped. But Katz, the chief housing officer, promises that the Mayor’s Management Report due in the fall will include metrics that measure home ownership.
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