Tuesday, November 15, 2022
HomeWealth ManagementNYC Needs to Pay Landlords in Wealthy Areas to Take Lease Vouchers

NYC Needs to Pay Landlords in Wealthy Areas to Take Lease Vouchers


(Bloomberg) –New York Metropolis is betting {that a} slate of adjustments to housing coverage introduced Monday will assist struggling New Yorkers afford hire in some of the costly cities on the earth.

Mayor Eric Adams mentioned the town would intention to broaden eligibility and use of a rental-assistance program referred to as the Metropolis Household Homelessness and Eviction Prevention Complement, together with by paying landlords in costly neighborhoods who hire to voucher-holders a bonus of about one month’s hire.

Adams mentioned at a briefing on Monday that greater than half of New York’s federal housing vouchers for the poor are utilized in simply 10% of the town’s neighborhoods.

“We’ve got to vary that,” he mentioned of the town initiative.

CityFHEPS presents backed housing allowances to households or people who meet sure necessities, similar to working 30 hours per week and having revenue that doesn’t exceed 200% of the federal poverty restrict, or round $55,500 for a household of 4.

Between August 2021 and July of this yr, the Division of Social Providers positioned round 204 households with kids in CityFHEPS housing a month on common, in accordance with metropolis Comptroller Brad Lander.

The brand new housing initiative, which is about to value $23.7 million over two years, will permit members in CityFHEPS to make use of the vouchers for dearer flats, and allow extra people to qualify for vouchers, together with single adults working minimum-wage jobs, even when they barely exceed the revenue restrict, and households that work 14 hours per week.

New York can also be investing about $1.6 million over the subsequent two years in a pilot program that can transition about 80 homeless people into supportive housing, Adams mentioned on the briefing.

© 2022 Bloomberg L.P.

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