NYCHA Home Ownership Program To Develop 4 Family Home in ENY for a Family Living in NYCHA Housing

NYCHA submitted request for permits to develop the corner vacant lot at 376 Warwick St., which will be developed as a four family home, to be occupied by one of the NYCHA families participating in the NYCHA Small Homes Rehab Program.

The Small Homes Rehab -NYCHA Program develops vacant NYCHA-owned 1-4 family residential properties located throughout New York City into viable affordable homeownership opportunities for low- to moderate-income homebuyers.

“Creating more paths to homeownership is critical to addressing the affordable housing crisis in this city and ensuring more New Yorkers can achieve the American dream. Through this initiative, we’re breathing new life into these small homes and stabilizing the surrounding communities,” said HPD Commissioner Maria Torres-Springer. “I’d like to thank our colleagues at NYCHA as well as our partners at Neighborhood Restore and Habitat for Humanity NYC for their commitment to transforming the lives of former NYCHA residents and other hardworking New Yorkers.”

“The partnership between NYCHA, HPD, the Fund for Public Housing and nonprofit organizations such as Restored Homes and Habitat for Humanity NYC, has created affordable homeownership opportunities for low- and middle-income New Yorkers, including former NYCHA residents, helping them reach such an important life milestone,” said NYCHA Chair and CEO Shola Olatoye.

“Owning my home feels like having a piece of the pie. My homeownership experience taught me to dream big and persevere. It seemed unattainable at first, but with the right partners and guidance, it can happen. I want to thank NYCHA, HPD, Restored Homes, the Fund for Public Housing and Impacct Brooklyn for making this dream a reality,” said Charline Ogbeni, former NYCHA resident and new homeowner.

The properties were acquired from the U.S. Department of Housing and Urban Development (HUD). All of these homes were previously foreclosed by the Federal Housing Administration (FHA) and have stood vacant for many years; a number of these homes have been vacant for 20 years. The highest concentrations of the homes are in Queens and Brooklyn, in neighborhoods that have seen high foreclosure rates.

“The Fund for Public Housing is dedicated to helping improve the quality of life of public housing residents, and that includes supporting them as they achieve their homeownership goals through the completion of JPMorgan Chase’s pre-homebuyer workshops,” said Rasmia Kirmani-Frye, President of the Fund for Public Housing. “Our goal is to help these former NYCHA families succeed as new homeowners by providing them with the necessary tools to help them navigate this challenging but gratifying experience.”

These homes undergo gut renovation by a non-profit developer with funding from HPD, private banks, and the New York State Affordable Housing Corporation.  Rehabilitation design plans incorporate Enterprise Green Communities guidelines. Qualified homebuyers will have a 20-year owner-occupancy requirement and receive significant property tax reductions due to an Urban Development Action Area Project (UDAAP) tax exemption.

“We are proud to be a key player in transforming these vacant and abandoned properties into affordable homes for low and moderate income New Yorkers. The rehabilitation of these homes has not only made the dream of homeownership a reality to many former NYCHA residents but has contributed in stabilizing neighborhoods still experiencing the effects of the 2008 financial crisis.  We are thankful to the New York City Department of Housing Preservation and Development, the New York State Affordable Housing Corporation and JPMorgan Chase for providing the necessary financing to convert these distressed properties into affordable community assets,” said Executive Director of Neighborhood Restore Housing Development Fund Corporation Salvatore D’Avola.

To date, the City has financed the rehabilitation of over 70 homes and, in total, 13 NYCHA residents are expected to successfully close on single-family homes. The City partners with non-profit developers to assist in the renovation work. The next round of rehabilitation work was recently designated to Habitat for Humanity and Restored Homes Housing Development Fund Corporation, an affiliate of Neighborhood Restore Housing Development Fund Corporation.

NYCHA’s Office of Resident Economic Empowerment and Sustainability (REES) facilitates access to homeownership education and mortgage-readiness workshops for NYCHA residents interested in applying for these homeownership opportunities. This is done in collaboration with HUD-certified homebuyer education partners.

In addition, the Fund for Public Housing, a non-profit organization founded to bring resources to public housing communities, provides Homeownership Awards to former NYCHA residents/new homeowners who have completed the NYCHA-hosted JPMorgan Chase Pre-Homebuyer workshop series.

To learn more about the program please visit NYCHA’s webpage. Qualified prospective homebuyers can submit applications to some of these homes through the City’s lottery system.

Content Distributed by NYC Newswire

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