"A new program is now available to help NYC gig workers buy their first home, a milestone not easily achieved by workers who have non-traditional sources of income, amNewYork learned on Monday. The New York City Housing Partnership, an organization that works on affordable housing initiatives, launched the Pathways to Homeownership program in conjunction with Airbnb on Dec. 8. The goal is to help gig workers, including delivery drivers, writers and musicians, freelancers, and other independent workers,"
"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 A. Smarr, president and CEO of the partnership. Since the COVID-19 pandemic, many workers have turned to gig work to earn a living. According to NYC statistics, there are about 60,000 delivery workers, many of whom work flexible shifts or on-demand per task or job."
Pathways to Homeownership helps NYC gig workers document irregular income and qualify for first-time mortgages. The New York City Housing Partnership launched the program with Airbnb on Dec. 8 to assist delivery drivers, writers, musicians, freelancers, and other independent workers lacking traditional income paperwork. The program offers tailored workshops and one-on-one counseling to document employment income required for mortgage approval and advises on presenting rental or hosting income to lenders. Smarr expects about 1,000 gig workers to become homeowners each year through the program. The initiative responds to post-pandemic shifts toward gig work and addresses middle-class income changes.
Read at www.amny.com
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