City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
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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