Bailey Initiative announces the launch of its “HomeOwnership Promotes Equity (H.O.P.E.)” program, which seeks to close the racial gap in homeownership by supporting first-time home buying by Black, Indigenous and People of Color (BIPOC) in New York State’s third most populous urban center.
The H.O.P.E. program, in partnership with PCSB Bank and the City of Yonkers, will host its first cohort on January 24, 2022. The inaugural 4–week course will engage participants on how to obtain, maintain, and sustain their own home and in doing so create generational wealth. All classes will be held both virtually and in-person at the Yonkers Community Action Program, Inc. (YCAP) office located at 20 South Broadway Suite 420, Yonkers, NY.
“As a community-focused bank, we are proud to support equity in homeownership, which is such a crucial foundation of creating generational wealth,” said Joseph D. Roberto, Chairman, President & CEO, PCSB Bank. “Bailey Initiative has designed a program that will enable more individuals and families to achieve the dream of buying their first home and building a better future for themselves and the entire Yonkers community.”
Anthony Landi, Deputy Mayor for the City of Yonkers, stated “Mayor Spano always felt, as do I, born and raised here in Yonkers, that when you have skin in the game, it means something to you. Homeownership is one of those ways of doing that, as well as assisting in reducing poverty.”
“We are excited to receive our inaugural grant from PCSB Bank and the City of Yonkers that allows us to offer a homeownership program for the residents of Yonkers. Understanding that generational wealth begins with a growth mindset, we are educating and providing our participants with the knowledge and access to financial resources that will offer them the opportunity to own a home and build generational wealth,” said Anthony Bailey, Executive Director, Bailey Initiative.
Recognizing that homeownership is a fundamental building block for economic equality, Bailey Initiative, through its programs, addresses the historical and current impediments that create a gap in access for Black and Hispanic households to home financing and real estate investment. Education programs for potential first-time homebuyers will outline the processes of homeownership, assist with down payment options for property acquisition, and provide links to lending institutions that offer affordable financing options. Bailey Initiative will also continue its work of promoting local policy solutions through collective research with the view of ensuring the creation of a favorable environment for homeownership within the BIPOC community in Yonkers.
Yonkers residents who are interested in participating in the program can register at www.baileyinitiative.org/register.
