“The lack of regular pay stubs, W-2s or 1099s to document income often puts gig workers at a disadvantage when applying for a mortgage to buy their first home,” said Jamie Smarr, president and CEO of the New York City Housing Partnership. “The economy has undergone significant shifts for middle-class Americans.
“The goal of our new Pathways to Homeownership program is to help gig workers, freelancers, seasonal workers and self-employed individuals with non-traditional income sources become homeowners. The program will also advise them on how to present rental or hosting income to mortgage lenders when purchasing a home.”
The Pathways to Homeownership program offers workshops and individualized guidance on documenting gig and self-employment income for mortgage approval.
Participants will also receive guidance on accessing down payment assistance programs through the city, state and private sector, along with training on preserving ownership, avoiding foreclosure and building home equity.
“Homeownership is one of the strongest ways to build long-term financial stability and prosperity for generations, but too often low- and middle-income New Yorkers without traditional income sources are left out of the American Dream,” said Warren Gardiner, senior policy manager of Airbnb New York. “We are committed to supporting the NYC Housing Partnership to make homeownership a reality for New Yorkers to continue the work they have been an integral part of in New York City for decades.”
The initiative expands the Housing Partnership’s existing partnership HUD-approved Homeownership Counseling Program, which has been operating since 2005 and serves low- to moderate-income New Yorkers.
“We partner with labor unions, organizations representing gig economy workers, and community and faith-based organizations to reach audiences with financial coaching, grant navigation, and ongoing post-home purchase guidance to preserve mortgages, accelerate equity growth, and build intergenerational wealth,” Smarr added. “This helps create informed, defaulting buyers who are ready for a lifetime of homeownership.”
The organization also offers a landlord and tenant training program for buyers purchasing homes with rental units, which is required for certain Community Reinvestment Act mortgage products.
Funded in part by the Airbnb Partnership, the Housing Partnership continues its broader mission of creating and preserving affordable housing throughout New York City.
The nonprofit — now in its 44th year — has worked with private developers, financial institutions and government agencies to help create and preserve nearly 100,000 low- and moderate-income housing units across the five boroughs.
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