Big Gaps in New York Home Loans: Search Your Neighborhood Here

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NEW YORK (WABC). Having a home is the American dream for many, but some people find it increasingly difficult to do so, especially in some of the most diverse communities.

Our newsgroups at ABC News surveyed housing inequality across the country and found that some of the biggest gaps are in New York City.

This is an old problem that manifests itself in a new way.

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We’ve seen this happen on the streets of Harlem and the Brooklyn waterfront in Williamsburg, but now new neighborhoods in neighborhoods are being improved.

Wealthier people come and, in fact, crowd out some of the long-term residents.

“We’re talking about the everyday hardworking New Yorkers,” said Rob Solano of United Churches for Fair Housing.

His job is to help families find affordable housing in Brooklyn, which he says is getting harder.

“This is an incredible injustice that happens to our communities of color,” he said. “This needs to be fixed right now.”

7 On Your Side Investigations have found that one of the newest areas to be reborn is Ocean Hill in Bedford Stuyvesant. The metro stop connects it with other districts of the city, and new luxury residential buildings are being built next to the old buildings.

Search in your area who gets approved for a mortgage loan and who doesn’t:

Even amid the pandemic, rents in the area have risen more than 12% over the past six years, causing more people to want to own property.

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

For example, black mortgage applicants had a mortgage refusal rate of 100% over the two-year period from 2018 to 2019.

“Because their neighborhood is changing right before their very eyes, they are not getting loans,” Solano said. “And white people get more loans.”

He says many big banks refuse to lend to people, which he calls the modern red line.

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

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However, they find some help in small, community-based credit unions.

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

Credit union approval systems are not automated and they are not accountable to shareholders, but to a board of volunteers living in the community.

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

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