Boosting Homeownership in New York: Progress and Persistent Gaps
The State of New York Mortgage Agency (SONYMA) is a New York State public benefit corporation created in 1970 to make home ownership more affordable for New Yorkers. It offers low-interest mortgage programs, down payment assistance loans, loans and grants for home repairs, and mortgage insurance. And according to a report by State Comptroller DiNapoli, SONYMA has boosted lending and programs for minority households and economically disadvantaged communities, increasing its share of loans provided to low-income and minority borrowers over the last 10 years.
"Homeownership can be a powerful tool for building generational wealth, but many New Yorkers face barriers to buying a home,” DiNapoli said. “New York offers several programs to help overcome these hurdles, but improvements to data and reporting are needed so policymakers have better information to evaluate outcomes and consider whether additional actions are needed, given rising housing costs and limited housing stock across the state.”
To continue boosting homeownership and remedying racial and ethnic homeownership gaps, Comptroller DiNapoli emphasized the need for:
- Wider awareness of homeownership assistance programs.
- Expanded monitoring and enforcement against discriminatory practices in housing.
- Improved data and reporting on homeowner assistance programs to better understand who benefits from these programs and to identify underserved populations.
SONYMA programs can help make homeownership more attainable, and with continued focus on data-driven improvements, progress can be made towards a more equitable housing landscape for all New Yorkers.
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The State of New York Mortgage Agency (SONYMA) is a New York State public benefit corporation created in 1970 to make home ownership more affordable for New Yorkers. It offers low-interest mortgage programs, down payment assistance loans, loans and grants for home repairs, and mortgage insurance. And according to a report by State Comptroller DiNapoli, SONYMA has boosted lending and programs for minority households and economically disadvantaged communities, increasing its share of loans provided to low-income and minority borrowers over the last 10 years.
"Homeownership can be a powerful tool for building generational wealth, but many New Yorkers face barriers to buying a home,” DiNapoli said. “New York offers several programs to help overcome these hurdles, but improvements to data and reporting are needed so policymakers have better information to evaluate outcomes and consider whether additional actions are needed, given rising housing costs and limited housing stock across the state.”
To continue boosting homeownership and remedying racial and ethnic homeownership gaps, Comptroller DiNapoli emphasized the need for:
- Wider awareness of homeownership assistance programs.
- Expanded monitoring and enforcement against discriminatory practices in housing.
- Improved data and reporting on homeowner assistance programs to better understand who benefits from these programs and to identify underserved populations.
SONYMA programs can help make homeownership more attainable, and with continued focus on data-driven improvements, progress can be made towards a more equitable housing landscape for all New Yorkers.
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