Image: Ed Reed/Mayoral Photography Office
In October, Mayor Bill de Blasio increased the goal of his ambitious affordable housing plan from 200,000 financed affordable homes to 300,000 by 2026. Expanding his Housing New York 2.0 initiative further, the mayor announced on Monday two new homeowner assistance programs, aimed at helping 2,100 New York City families own real estate and renovate homes over eight years.
An assistance program called “Open Door” incentivizes the construction of co-ops and condos for moderate- and middle-income first-time buyers. According to the city, the program will create about 200 affordable homes per year, reaching 1,300 homes by 2026.
“HomeFix” will provide low- and moderate-income homeowners with low-interest loans to fund necessary home repairs. This program is made for repairs in one-to-four family properties and also offers financial counseling. The city expects HomeFix will serve 800 households over the next year.
“As we work to make this a fairer and better city, we want to help New York’s working families own a piece of their own city,” de Blasio said in a press release Monday. “Affordable homeownership empowers families and neighborhoods and opens pathways to the middle class.”
Housing New York 2.0 tacks on an extra $150 million per year to the current four-year financial plan, bringing the city’s investment to about $1.3 billion a year over the next nine years.
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- The city added 24,293 affordable housing units this fiscal year, the most since 1989