Almost half of New York City’s tenants spend an unsustainable portion of their income on rent. For decades, UHAB has created permanently affordable co-ops as a viable solution to housing insecurity. Unfortunately, more than 50% of affordable co-ops reported lost income due to COVID-19, threatening their stability and jeopardizing long-term affordability.
In 2020, we heard from thousands of residents who need additional resources to navigate this crisis. 20% are at risk of foreclosure and require more support than ever. The stakes to protect and expand affordable homeownership for low-income New Yorkers couldn’t be higher.
As the housing crisis intensified this year, UHAB fought for lasting, affordable homes by:
- Recovering and preserving low-income housing: we worked with 169 co-ops at risk of foreclosure through our new Co-op Improvement Program
- Creating affordable homes: we distributed $61,000 in loans to low-income homebuyers
- Developing leaders: we trained over 2,500 residents on community ownership and cooperative governance.