Big Gaps in New York Home Loans: Find Your Own Neighborhood Here

0
NEW YORK CITY (WABC) – Owning a home is the American dream for many, but it is getting harder and harder for some people to do so – especially in some of the most diverse communities.

Our ABC News press teams investigated housing inequalities across the country and found that some of the biggest gaps were in New York City.

It is an old problem that comes in new forms.

READ ALSO | Critics call for electoral council reform after primary voting error in New York

We’ve seen it arrive on the streets of Harlem and along the waterfront from Brooklyn to Williamsburg, but now new neighborhoods in the boroughs are gentrifying.

The wealthier people move in and, in fact, drive out some long-time residents.

“We talk every day about hard-working New Yorkers,” said Rob Solano of Churches United for Fair Housing.

It’s his job to help families find affordable housing in Brooklyn, which he says is getting harder and harder.

“It is an incredible injustice happening to our communities of color,” he said. “It should be fixed now.”

7 By Your Side An investigation has revealed that one of the most recent neighborhoods to undergo revitalization is Ocean Hill in Bedford-Stuyvesant. A metro station connects it to other parts of the city, and new high-end residential developments sit alongside older buildings.

Search your own neighborhood to see who is approved for mortgages and who is not:

Even with the pandemic, rent prices in the neighborhood have risen by more than 12% over the past six years, prompting even more people to want to own.

7 On Your Side has found that more minority residents are denied mortgages in the area than anywhere else in the entire New York area.

For example, black applicants had a 100% rejection rate for mortgages over a two-year period from 2018 to 2019.

“As their neighborhood changes before their eyes, they don’t get any loans,” Solano said. “And the whites get more loans.”

He says many big banks deny people loans, which he calls modern day redlining.

“On paper, they have the same resources, the same application as someone else,” he said. “The only difference is that one is white and the other is black.”

READ ALSO | Racial disparities in policing have increased in New York, data shows

They find help, however, in small community credit unions.

At the Transfiguration Parish Federal Credit Union in Brooklyn, they made loans to the same people who were turned down by the big banks.

The credit union’s approval system is not automated and it is not held accountable by the shareholders but by a volunteer board of directors who live in the community.

“If I see an opportunity for members to get a loan, we give it to them,” said Eladio Lamboy of the Transfiguration Parish Federal Credit Union. “We give it to them.”

———-
DO YOU NEED AN INVESTIGATED STORY? Dan Krauth and the 7 On Your Side Investigates team at Eyewitness News want to hear from you! Call our confidential advice line 1-877-TIP-NEWS (847-6397) or complete the form BELOW. You can also contact Dan Krauth directly:

Email your questions, issues or story ideas to [email protected]

Facebook: DanKrauthReports

Twitter: @ DanKrauthABC7

Instagram: @DanKrauth

Copyright © 2021 WABC-TV. All rights reserved.

Share.

Leave A Reply