A recently released report revealed a fact that most New Yorkers are probably all too familiar with: it is exorbitant to own a home in New York. The report detailed that you’d need an annual income of at least $100,000 to own a home in the city—the median household income sits at $60,000.
Now the city is looking to change the status quo. On Monday, Mayor Bill de Blasio announced two new affordable homeownership initiatives, part of his larger Housing New York 2.0 agenda.
The first, titled Open Door, will finance the construction of condos and co-ops for moderate and middle-income New Yorkers. It is targeted toward first-time home buyers earning between $69,000 to $112,000. The program is expected to create 200 new homes annually, and 1,300 new homes over the next eight years.
The second, HomeFix, is a home repair program for low, and moderate-income homeowners in the city. They will be able to receive low-interest loans to repair one-to-four-family homes. This program is expected to help 100 houses every year, and 800 over the next eight years.
“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,” said de Blasio in a statement. “Affordable homeownership empowers families and neighborhoods and opens pathways to the middle class.”
As part of his new affordable housing agenda, de Blasio now hopes to create and preserve 300,000 units of affordable housing by 2026.