In a move to assist NYC renters, Mayor Eric Adams, alongside New York City Housing Development Corporation (HDC) and Esusu, a rent reporting platform, rolled out a rent reporting pilot program designed to bolster credit scores for tenants in affordable housing developments, allowing their on-time rent payments to be reflected in credit reports, effectively making it easier for them to potentially buy homes and build wealth.
The program, part of Adams' larger "City of Yes for Families" plan, will reach about 500 households over a 15-month duration and is backed by a free service provided by the city in partnership with participating housing entities; tenants can opt in starting this month, with reporting set to run from September 2025 through September 2026, after which the success and viability of a broader implementation will be evaluated, Mayor Adams expressed confidence in the plan’s ability to bridge the home ownership gap in New York, stating, "If you're paying rent on time every month, you should see that reflected in your credit score, and with this program, we will help make that a reality," as per a statement obtained by NYC Mayor's Office.
Esusu, which has been at the forefront of this initiative, touts having facilitated the establishment of over 200,000 new credit scores contributing to over $50 billion accessed in capital; the enrollment process involves eligible tenants of specific HPD- and HDC-financed affordable housing developments having their timely rent payments promptly shared with major credit bureaus through the platform, aiming to improve the financial landscape for renters, particularly those from communities of color who traditionally face barriers to credit access and home ownership.
With critical backing from Eric Adams and active city officials, the program builds on other key measures that include increased investment in the HomeFirst Down Payment Assistance Program and statewide advocacy for housing-friendly budget tools; like the lifting of floor-to-area ratio caps, this pilot is another piece in the mayor’s comprehensive approach to tackle New York’s housing and homeownership issues, marrying financial inclusion with improved housing strategy.
