More than 80% of Bronx residents are renters, according to Bronx Neighborhood Housing Services. But advocates say homeownership can be a path to building long-term wealth.
“The most important need is to build generational wealth," says Gladstone Johnson, executive director of Bronx NHS, "And the number one way of doing that is through homeownership.”
The organization aims to help future homebuyers understand what to expect before they make one of the biggest purchases of their lives. The group brings in real estate professionals, attorneys and other experts to walk residents through the homebuying process. After that, participants meet with housing counselors who review credit, savings and other financial factors.
“What am I getting into if I decide to purchase a house?" Johnson said. "We take you through. We bring in experts, real estate folks, lawyers, and they give you an idea of their aspect of the process.”
HUD-certified Housing Counselor Janeille Attzs says qualified buyers may also be eligible for grants up to $100,000.
“One is the HomeFirst grant, and that's up to $100,000. You can purchase anywhere in the five boroughs," Attzs said. “The other grant is a repair grant. You can only purchase in the Bronx for that one.”
Attzs says the sooner residents start preparing for homeownership, the better position they'll be in when they're ready to buy.
“For stability and to be able to pass on something to future generations," Attzs said. "When you're renting, you're paying your landlord's mortgage. You're helping his family grow in wealth. When you purchase on your own, it's yours.”
Bronx Neighborhood Housing Services offers first-time homebuyer orientation sessions throughout the year. The next one is October 13th.
More information is available at BronxNHS.org.
