Governor Cuomo Announces Proposal to Expand Home Ownership in Historically Redlined Communities to Bridge the Racial Wealth Gap as Part of the 2021 State of the State
Package of Reforms to Increase Access to Mortgages Loans for Low- and Moderate-Income Borrowers in Underserved Communities
New York (STL.News) Governor Andrew M. Cuomo today announced a targeted package of reforms aimed at increasing homeownership rates in communities that have been adversely impacted by redlining as part of the 2021 State of the State. The package will enable low- and moderate-income borrowers – particularly households of color – to achieve homeownership and put historically underserved communities on track to close the racial wealth gap. The reforms will increase the number of community-based lenders who offer State of New York Mortgage Agency, or SONYMA, loans in low-income communities, increase down payment assistance for borrowers in underserved areas of the state, and grant SONYMA flexibility to make mortgage modifications in times of crisis so borrowers can remain in their homes.
“We know the racial wealth gap is overwhelmingly a housing wealth gap and New York is taking action to correct systemic injustices that have kept households of color from building wealth,” Governor Cuomo said.