New York program helps gig workers qualify for mortgages

"According to the Housing Partnership, the program is expected to support approximately 1,000 workers each year. The lack of regular paystubs, 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 for our new Pathways to Homeownership program is to help gig workers, freelancers, seasonal workers and the self-employed with non-traditional sources of income become homeowners."

"The program will also advise them how to present rental or hosting income to mortgage lenders when buying a house. The Pathways to Homeownership program offers workshops and individual counseling tailored to documenting gig and self-employment income for mortgage approval. Participants also receive guidance on accessing city, state and private down payment assistance programs along with training on sustaining ownership, avoiding foreclosure and building equity."

"Homeownership is one of the strongest pathways to building long-term financial stability and generational wealth, but too often low- and middle-income New Yorkers without traditional income sources have been shut out of the American Dream, said Warren Gardiner, Airbnb New York senior policy manager. We're committed to supporting the NYC Housing Partnership in making homeownership a reality for New Yorkers to further the work they have been integral to for decades across New York City."

The Pathways to Homeownership program will support approximately 1,000 workers annually, focusing on gig workers, freelancers, seasonal workers and the self-employed with nontraditional income. The program provides workshops and individual counseling to document gig and self-employment income for mortgage approval and advises on presenting rental or hosting income to lenders. Participants receive guidance on accessing city, state and private down payment assistance programs, along with training to sustain ownership, avoid foreclosure and build equity. The initiative expands a HUD-approved Homeownership Counseling Program operating since 2005 and partners with labor unions, gig-worker organizations, community and faith-based groups for outreach and ongoing post-purchase counseling.

Read at www.housingwire.com