Citi Foundation’s $500,000 grant to NYC Housing Partnership program helps gig workers buy first home

Manhattan, NY The non-profit New York City Housing Partnership has been awarded a $500,000 grant from the Citi Foundation to support and expand its innovative Pathways to Homeownership for Gig Workers program.

Self-employed workers, independent contractors and other freelancers often encounter barriers to home purchase because the mortgage market is built around predictable W-2 employment. The Housing Partnership’s Pathways to Homeownership for Gig Workers program provides New Yorkers with one-on-one counseling to help them document gig/self-employment income required for mortgage approval, as well as access to city, state and private down payment assistance. 

“Traditional mortgage lending guidelines can exclude the freelancers, artists, and small business owners who are vital to the New York City economy,” said Molly Wasow Park, president & CEO of the NYC Housing Partnership.

“Citi Foundation’s generous support allows us to expand and strengthen our gig worker program to enable them to document their income to qualify for a mortgage to buy their first home,” she said.

“Citi’s commitment helps us build on the early success of our Pathways to Homeownership for Gig Workers program. Since its inception earlier this year we have helped 45 self-employed households buy their first homes in New York City. More than 32 others have received mortgage commitments but haven’t purchased a home yet. The most recent class launched last week with 94 participants. Since the program began earlier this year nearly 300 New York households have received homebuying education, counseling and hands on support. The Citi $500,000 grant allows the Housing Partnership to add staff and resources to achieve our goal of reaching over 1,000 New York gig workers through next year,” said Park.

The grant is part of the Citi Foundation’s Community Finance Initiative that helps community organizations improve financial resilience and economic mobility in low-income communities.

“We’re especially proud of this prestigious recognition by Citi, which has made these grants to only 70 non-profit community organizations across the U.S.,” said Park.