The Real Deal New York

Quinn unveils housing initiatives

April 06, 2007 12:00AM

City Council Speaker Christine Quinn spoke yesterday about several housing-related initiatives she is pursuing that are meant to aid middle class city residents. Quinn said she wanted to raise the income cap for first-time home buyers’ assistance from $56,720 to $92,170, and that $50 million of the city budget over the next two years should go to helping people purchase decaying housing stock being auctioned off by the Department of Housing Preservation and Urban Development. The Council speaker said that $1 million of the city budget should go to counseling prospective homebuyers about mortgages so that they do not get saddled with loans they can’t afford. Finally, Quinn restated her commitment to trying to secure a $300 tax credit for city renters. The suggestions are meant to influence Mayor Bloomberg’s executive budget, which he will release in May. more [NYT]
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