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Speeches and Testimonies

NYCHANow


FOR IMMEDIATE RELEASE: October 17, 2024
CONTACT: media@nycha.nyc.gov | (212) 306-3322

NYCHA & HPD Celebrate the Completion of 19 Rehabilitated Houses for First-Time Homebuyers

Families in Brooklyn, the Bronx, and Queens have purchased their first homes through NYCHA’s partnership with HPD and Neighborhood Restore HDFC

The 19 homes are the third tranche of homes rehabilitated by Restored Homes HDFC through the Small Homes Rehab-NYCHA program, which has restored 61 homes for first-time homeowners to date and afforded 13 NYCHA families the ability to purchase their first homes

NEW YORK – The New York City Housing Authority (NYCHA) today announced the completion of the final home in a portfolio of 19 houses, rehabilitated in partnership with the New York City Department of Housing Preservation and Development (HPD) and the non-profit Restored Homes Housing Development Fund Corporation (HDFC) – an affiliate of Neighborhood Restore HDFC – with additional funding provided by the New York State Affordable Housing Corporation (AHC) and JPMorgan Chase. The houses represent the third tranche rehabilitated by Restored Homes HDFC through the Small Homes Rehab-NYCHA Program, which has renovated 61 homes for first-time homeowners to date and afforded 13 NYCHA families the ability to purchase their first homes. The majority of the homes, available for first-time homebuyers in Brooklyn, the Bronx, and Queens, were repossessed by the Federal Housing Administration (FHA) and transferred to NYCHA in the late 1970s and early 1980s, and later sold to Restored Homes HDFC. The properties were rehabilitated to provide affordable homeownership opportunities to low- and moderate-income families with three of the 19 properties set aside exclusively for NYCHA residents buying their first homes.

“From the start of this administration, we have sought to make the dream of homeownership real for working people,” said First Deputy Mayor Maria Torres-Springer. “Thanks to NYCHA, HPD, Neighborhood Restore, and our other partners in the public and private sectors, these rehabilitated homes will change the lives of those who own them, and help them build generational wealth.”

“It’s such a privilege to play a role in New Yorkers buying their first homes,” said NYCHA Chief Executive Officer Lisa Bova-Hiatt. “We’re so proud of what we’ve accomplished here, alongside our partners at HPD and Neighborhood Restore. Not only have we worked to breathe new life into this unique portfolio of homes, many of which were formerly NYCHA-owned, but we’ve provided a tremendous opportunity for low- to moderate-income families to buy their first homes in New York City – some of whom were NYCHA residents.”

“We are proud to be a key player in transforming these vacant and blighted properties into new affordable homes for low- and moderate-income New Yorkers. The rehabilitation of these homes has provided 61 families, including 13 former NYCHA households, the opportunity to achieve the dream of homeownership and has contributed to the stabilization of the surrounding neighborhoods,” said Neighborhood Restore HDFC Executive Director Salvatore D’Avola. “We congratulate the new homeowners and wish them years of health and happiness in their new homes. We thank NYCHA, HPD, the New York State Affordable Housing Corporation, and JPMorgan Chase for providing the necessary financing to convert these distressed properties into affordable community assets.”

“The housing supply shortage facing New Yorkers has particularly impacted first-time homebuyers looking to establish a foothold on the property ladder and made it critically important to increase supply by rehabilitating existing properties for the next generation,” said New York State Homes & Community Renewal Commissioner RuthAnne Visnauskas. “This transformative project by HPD and NYCHA, in partnership with HCR and private entities, has turned 19 outdated properties in Brooklyn, the Bronx, and Queens into affordable homes, including three now owned by first-time homebuyers who are former NYCHA residents. Thank you to our partners for their commitment to creating these life-changing opportunities in neighborhoods across New York City.”

“We are honored to support Restored Homes HDFC with the restoration and development of 19 homes for residents across the boroughs,” said Chase Community Banking Executive Director Jane E. Silverman. “Revitalizing these properties and providing families with access to homeownership is essential for the prosperity of our communities. These homes are not only enhancing the quality of life for current residents but also fostering a sense of pride and stability that will benefit future generations.”

“For our city to thrive, it’s essential that we support affordable homeownership opportunities, fight for equitable development, and create pathways for families to plant roots and flourish,” said New York City Council Majority Whip Selvena N. Brooks-Powers. “Through this project, we’re not just rehabbing buildings—we are restoring hope and providing first-time homebuyers with the opportunity to build wealth and stability for generations to come. I look forward to continuing our work with NYCHA, HPD and other key stakeholders to ensure we expand affordable homeownership opportunities across our city.”

“Homeownership is a dream that many New Yorkers strive for, and today we celebrate a major step toward making that dream a reality for hardworking families across our city,” said New York City Council Member Dr. Nantasha Williams. “Through NYCHA's partnership with HPD and Neighborhood Restore HDFC, 19 more families are achieving the stability and pride that come with owning their first homes. This initiative is not only helping to restore and rehabilitate homes, but it is also empowering families by creating pathways to generational wealth and community investment.”

The 19 houses included in this cluster of FHA homes consist of 15 formerly NYCHA-owned one-to-four-family homes, and houses provided through HPD’s Community Restoration Fund (CRF) Program. Neighborhood Restore HDFC’s rehabilitation efforts were done in accordance with Enterprise Green Communities’ standards criteria, which require each home meet building performance standards focused on sustainability, energy efficiency, and environmental health. As such, each home was designed with continuous insulation and received new heating and ventilation equipment, water-conserving fixtures, and Energy Star-rated appliances. Other highlights include new roofing systems designed to lower each home’s energy demands, and washer and dryer hookups.

The Authority’s Office of Resident Economic Empowerment & Sustainability (REES) conducted a robust marketing campaign to ensure that public housing residents were aware of the opportunity to buy their first homes. NYCHA coordinated with HPD and Restored Homes HDFC to hold information sessions that attracted hundreds of attendees and were designed to assist first-time homebuyers throughout the process. The topics covered included the lottery application process on HPD’s Housing Connect, knowing what lenders are looking for from borrowers, securing affordable mortgage rates, HPD’s Home First down-payment grant, and building a homebuying team. The Authority also partnered with HPD’s Housing Ambassador Program to help NYCHA residents complete the application process.

In the late 1970s and early 1980s, the U.S. Department of Housing and Urban Development (HUD) transferred more than 700 FHA repossessed homes and buildings to NYCHA. The Authority utilized these properties as additional public housing, while working with tenants so they could become eventual homeowners of the properties. In the past 29 years, NYCHA has helped more than 400 residents become homeowners of FHA homes.

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About the New York City Housing Authority (NYCHA)

The New York City Housing Authority (NYCHA), the largest public housing authority in North America, was created in 1935 to provide decent, affordable housing for low- and moderate-income New Yorkers. NYCHA is home to 1 in 17 New Yorkers, providing affordable housing to 520,808 authorized residents through public housing and Permanent Affordability Commitment Together (PACT) programs as well as Section 8 housing. NYCHA has 177,569 apartments in 2,411 buildings across 335 conventional public housing and PACT developments. In addition, NYCHA connects residents to critical programs and services from external and internal partners, with a focus on economic opportunity, youth, seniors, and social services. With a housing stock that spans all five boroughs, NYCHA is a city within a city.

About the New York City Department of Housing Preservation and Development

The New York City Department of Housing Preservation and Development (HPD) is the largest municipal housing preservation and development agency in the nation. HPD’s mission is to promote quality housing and vibrant neighborhoods for all New Yorkers through affordable housing development, preservation, enforcement of housing standards, and educational initiatives for tenants and property owners. For more information, visit www.nyc.gov/hpd and follow us on Facebook, Twitter, and Instagram @NYCHousing.

About the Neighborhood Restore HDFC

Neighborhood Restore and its affiliate not-for-profit entities collaborate with federal, state and local government agencies on programs and funding that seek to foster neighborhood stabilization by efficiently transitioning properties from physical and financial abandonment to responsible third-party ownership. Neighborhood Restore utilizes citywide partnerships to create affordable rental housing and homeownership opportunities for households of low- and moderate-income. In addition to developing and implementing its own housing programs, Neighborhood Restore supports community development efforts through construction management services, technical assistance, and homeowner support.