The New York City Housing Authority has partnered with local agencies to renovate 18 homes throughout The Bronx, Brooklyn and Queens, reports Norwood News.
The Small Homes Rehab-NYCHA Program is the latest initiative under Mayor Eric Adams to help disenfranchised communities build and maintain generational wealth through homeownership.
“Across the country, the high cost of homeownership is even greater for households of color relative to White households,” NYCHA Interim CEO, Lisa Bova-Hiatt said.
“We are committed to being part of the solution around addressing this disparity, by leveraging partnerships with other City agencies and nonprofits to coordinate access to home-buying education and opportunities for public housing and Section 8 residents.”
The homes, available for first-time homebuyers, consist of several one- to three-family homes all previously owned by NYCHA.
Five of the 18 properties have already been set aside for NYCHA residents. And, the homes are now under construction as officials are beginning a robust marketing campaign to make New Yorkers aware of this opportunity.
"Homeownership is one of the strongest pathways to the middle class and generational wealth, which is key to closing the racial wealth gap," Bova-Hiatt said. "Providing New Yorkers with opportunities to own their own homes is an important priority in 'Housing Our Neighbors,' the Adams Administration’s housing and homelessness blueprint.”
Interested applicants can find additional details about the Small Homes Rehab-NYCHA Program here.