City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
NYC Homebuyer Incentives & Assistance
Home ownership is the best way minorities can build wealth. However, the biggest barrier to entry is the down payment, which in some cases, is required to be 20%+. With prices and rates at record highs, down payment assistance would help level the playing field. NYC could provide assistance to cover up to 90% of the DP or $20K (whichever is less) for qualifying NYers, which should be awarded at closing day for those who don't have the cash upfront, or it can be recognized as a tax credit.
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9 comments
The government helping people who cannot afford a home was one of the reasons for the financial crisis. We don't need a repeat.
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Dear NG,
Your proposal to address the barrier of down payment for potential homebuyers, particularly minorities, is both relevant and impactful.
Homeownership indeed holds immense value as a means for building wealth, and your emphasis on the down payment challenge highlights a crucial aspect of the home buying process. Your suggestion to provide assistance covering a significant portion of the down payment, up to 90% or $20,000 (whichever is less), is a proactive step toward leveling the playing field and ensuring more equitable access to homeownership.
By presenting innovative ideas like this, you contribute to fostering a more inclusive and supportive environment for aspiring homeowners, ultimately contributing to the betterment of the community.
Thank you for advocating for initiatives that can potentially transform lives and create a positive impact on the future of housing in NYC.
Warm regards,
Prateek Karnadhar
CEO
https://www.clearholidays.com | ClearHolidays™
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