HOMEOWNERSHIP
PA'LANTE brinda asistencia técnica y capacitación a los accionistas que viven en cooperativas HDFC y asociaciones de inquilinos inscritas en el Programa de Compra de Apartamentos de Arrendamiento Interino (TIL) de Preservación y Desarrollo de Vivienda de la Ciudad de Nueva York.
Después de que el Fiscal General del Estado de Nueva York aprueba la conversión cooperativa, PA'LANTE Harlem, en colaboración con sus proveedores legales y socios comunitarios, brinda apoyo a los accionistas mediante capacitación y asistencia técnica especializada.
The homeownership program aims to empower individuals and families by facilitating their journey towards owning a home. This initiative addresses the growing need for affordable housing and strives to make homeownership a reality for those who might not otherwise have access to it. Key components of the program include financial assistance, educational resources, and support services tailored to prospective homeowners.
BLACK AND BROWN HOMEOWNERSHIP
Homeownership rates among Black and Brown communities in New York City (NYC) reflect significant disparities compared to other racial and ethnic groups. These disparities are influenced by various factors including historical inequities, economic challenges, and access to affordable housing programs.
Homeownership Rates
As of recent data, Black and Hispanic households in NYC have lower rates of homeownership compared to White and Asian households.
According to the latest census figures, approximately 30% of Black households and 20% of Hispanic households in NYC own their homes, compared to 50% of White households and 60% of Asian households.
Economic Barriers
Economic disparities play a crucial role in homeownership rates. Black and Hispanic households often face higher hurdles in securing mortgages due to lower median incomes, limited access to generational wealth, and higher rates of mortgage denial or subprime lending.
Our Approach
Addressing racial disparities in homeownership requires a multifaceted approach involving policy reforms, increased affordable housing stock, financial literacy programs, and efforts to combat discriminatory lending practices.
THE BROKEN
PROMISE
This special report was prepared by the law firm of Siegel Teitelbaum & Evans, LLP to assist the advocacy work of PA’LANTE Harlem, Inc. We share PA’LANTE’s goals to, bring needed public attention to New York City’s unfulfilled commitment to provide thousands of low-income residents in the city’s Tenant Interim Lease program with cooperative ownership of their apartments and building; persuade elected officials and community leaders to join us in insisting that the city fulfill that commitment.
ONLINE TRAINING
Online training aims to empower individuals with the knowledge and skills necessary to navigate the complexities of purchasing and maintaining a home. This initiative caters to prospective homeowners, offering learning experience to better understand homeownership.