The new pilot program announced by Mayor Eric Adams will enable tenants in affordable housing to report their on-time rental payments to major credit bureaus, significantly impacting their credit scores. This initiative, supported by the Department of Housing Preservation and Development and the Housing Development Corporation, aims to assist approximately 500 households in NYC over the next 15 months. By connecting low-income families to traditional credit systems, the program seeks to enhance financial opportunities, tackle racial disparities in homeownership, and allow renters to achieve better financial independence in the future.
The program aims to transform financial outcomes for low-income families, who are typically excluded from traditional systems, connecting them to greater opportunities.
By reporting on-time rental payments to credit bureaus, tenants can boost their credit scores, ultimately leading to improved financial products and homeownership opportunities.
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