INNOVATIVE COLLABORATION WORKS TO EXPAND HOMEOWNERSHIP OPPORTUNITIES FOR NYC PUBLIC HOUSING RESIDENTS

McLean, VA – Congresswoman Carolyn Maloney (D-NY), Assemblywoman Catherine Nolan–Chair of the New York State Assembly's Banks Committee, New York City Council Member Eric Gioia and Reverend Mitchell G. Taylor joined representatives from East River Development Alliance (ERDA), Freddie Mac, Chase Home Finance, Neighborhood Housing Services (NHS) of Northern Queens, local leaders and public housing residents today to announce the kick-off of ERDA Homes Homeownership Initiative. The initiative is a unique collaboration to increase financial literacy and homeownership among public housing residents in Long Island City, Queens. The announcement was held at the Center of Hope International Church near Queensbridge Houses, the largest public housing development in the country.

This initiative, led by ERDA, is for residents in Queensbridge Houses, Ravenswood, Woodside and Astoria public housing in Western Queens. In New York City, public housing residents are not asked to leave public housing as their income increases. Therefore, some residents may be financially ready to become homeowners. With the right tools and resources they may be able to build sustainable wealth through homeownership.

"Helping the underserved gain access to the financial services necessary to realize the American dream of homeownership is one of the most important things we can do to strengthen our communities in New York and across the nation," said Congresswoman Maloney. "Public-private partnerships such as this collaboration can leverage the strengths of government and the private sector to achieve new and exciting results. I hope Queens will be a model for other communities seeking to help public housing residents move into their own homes."

"As Chair of the Assembly's Banks Committee, I am happy to be part of this effort to bring the opportunity for homeownership to the residents of Long Island City. Homeownership should be within the reach of all families in our community. It is exciting to partner with Pastor Mitchell Taylor and ERDA on this important project," said Assemblywoman Catherine Nolan.

"Expanding the middle class by opening the doors to home ownership will strengthen neighborhoods across our entire City," said Councilman Eric Gioia, who represents Long Island City in the City Council. "This exciting initiative does just that by creating real home ownership opportunities for New Yorkers. If you're willing to work hard and do right, you should have access to the tools and resources you need to build a better life for yourself and your family. I thank the East River Development Alliance for their hard work, all my colleagues in government for their support, great financial institutions like Chase and Freddie Mac for their assistance, and Neighborhood Housing Services of Northern Queens for helping to make this a reality. Today, we're giving New Yorkers a shot at the American dream."

Reverend Taylor, chairman of ERDA, a nonprofit that works to expand economic opportunity for public housing residents, added,  "ERDA Homes is a program that gives participants the information and tools to help them build wealth, no matter where they are on the road to homeownership. Building wealth is the cornerstone for economic mobility, and homeownership represents one of the best opportunities to build wealth. We are very grateful to our supporters for believing in this program and our neighborhood."
 
The ERDA Homes Homeownership Initiative was created to provide public housing residents with the tools and resources to move forward on their road towards homeownership.  Participants are developing relationships with mainstream financial institutions, establishing short-term and long-term financial goals, repairing credit and learning about what it takes to become a homeowner. Participants receive personalized financial planning, technical assistance, and the tools and support they need to attempt to repair credit, secure a mortgage and ultimately purchase a home. 

Currently, more than 100 public housing residents in Western Queens are participating in the program. In addition, over 60 residents have developed personalized action plans, 20 residents have opened bank accounts and approximately 50 residents attend monthly financial literacy seminars.

NHS of Northern Queens is providing homebuyer education and counseling. Chase Home Finance will offer an array of mortgage products to qualified individuals. Freddie Mac will purchase eligible loans.

"Chase is pleased to be a partner in the ERDA Homes Program and to help make the dream of homeownership a reality for residents of this community," said Deborah L Johnson, vice president of Emerging Markets/Affordable Lending for Chase Home Finance.

Craig Nickerson, vice president of Freddie Mac, added, "Homeownership is one the most prominent means in America to build lasting wealth. The strength of this initiative is the many organizations working together with the goal of helping residents work toward and achieve their dream of homeownership."

"NHS is very pleased to join with ERDA, Chase and Freddie Mac in this important effort because education is such an important part of the NHS Program," said Ygmar Wiel, director of NHS of Northern Queens. "Together, we will help these Queens residents achieve the dream of homeownership."

ERDA Homes is one of several initiatives carried out by the East River Development Alliance working to help residents of public housing to build wealth and to expand economic opportunities. Other initiatives of ERDA include free tax preparation to increase access to the earned income tax credit, a campaign to bring a bank to Queensbridge Houses, free GED and computer classes, expanded extracurricular opportunities for youth, college preparation courses, and job training and placement initiatives.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters in America.

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