Attainable Housing
Every Patersonian deserves a home that they can afford, whether as a renter or as an owner. However, there are limited options for low-income residents and even less for those who don’t qualify for low-income housing. The problem: there is not enough attainable housing in Paterson.
For low-income residents, the U.S. Department of Housing and Urban Development (HUD) which directs housing programs such as Section 8, has a limited amount of affordable housing vouchers for Paterson residents. In addition, there is a long waiting list for city owned housing for low-income residents. Further, the threshold for qualifying for these programs is based on strict income guidelines.
As Councilwoman At-Large, Paula Alford will partner with the Paterson Housing Authority to implement a Section 8 to Homeownership Program, elevating eligible HCV (Housing Choice Vouchers) renters to use their rental assistance towards mortgage payments. This program was initiated in 2024 with the following requirements:
* Income Requirements: Must meet the minimum income requirements, often not exceeding 80% of the Area Median Income (AMI).
* Employment: One or more adult members must be employed full-time (usually 30+ hours/week) for at least one year.
* Down Payment: Participants are generally responsible for their own down payment, though some programs may allow for assistance.
* Bank Credit Requirements: Must have a credit score that meets the bank’s standards for a loan.
Paterson also needs a housing solution for residents who are not considered low-income based on strict federal and state income guidelines, but who also need attainable housing. Paula Alford will create an attainable housing plan for Paterson residents through a public private partnership to identify non-traditional and creative ways to increase homeownership and affordability in the City.
The Attainable Housing Committee will include developers, banks, non-profit organizations and residents. This plan will result in the creation of housing options such as condos that will make the dream of homeownership attainable to more residents.
There are two major barriers to homeownership–cost and credit. This committee will create a plan that will provide practical solutions to these hurdles and recommend tangible needs-based products specifically for Patersonians that could include a tax deduction for homeowners for five years. Paula Alford will bring all developers to the table and ensure the community has a voice at that table.
