New Pilot Program Will Enable Tenants in Affordable Housing to Report On-Time Rental Payments to Major Credit Bureaus for Free, Strengthen Credit Scores
Our Bureau
New York, NY
New York City Mayor Eric Adams has announced a new pilot program to help tenants in affordable housing developments report on-time rental payments to major credit bureaus, in an effort to strengthen their credit scores. The free program — an effort by the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), and rent reporting platform Esusu — will allow eligible tenants in select HPD- and HDC-financed affordable housing developments to opt in to having their rent payments reflected in their credit scores. The pilot — launched in June 2025 and which will run for 15 months — is expected to reach about 500 households. The initiative is a key component of Mayor Adams’ “City of Yes for Families” plan, first unveiled in his State of the City address earlier this year, as well as the “Where We Live” fair housing plan for New York City, to help more families achieve homeownership. Today’s pilot program follows Mayor Adams’ announcement earlier this year that the his administration is doubling the city’s investment in the HomeFirst Down Payment Assistance Program, to provide even more qualified first-time homebuyers with up to $100,000 toward the down payment or closing costs of a one-to-four family home, a condominium, or a co-op in the five boroughs.
“We shattered affordable housing records two years in a row, passed landmark zoning changes to build tens of thousands of new homes, and invested historic amounts of funding in new housing through our budget. There’s no other way to say it: we are the most pro-housing administration in New York City history — full stop,” said Mayor Adams. “Unfortunately, too many of our city’s residents, especially Black and Brown New Yorkers, are still struggling to make the jump from renter to homeowner and build generational wealth. 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. We will unlock the promise of homeownership for more New Yorkers and double down on our efforts to make New York a more affordable city that is the best place to raise a family.”
“From day one, our administration has committed to supporting New Yorkers’ ability to achieve financial stability and avail themselves of opportunity,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion, Jr. “This commonsense pilot will allow renters to enjoy the benefits of their financial responsibility, helping New Yorkers to build their credit scores and achieve their dream of homeownership.”
“Rent is often an individual or family’s largest monthly expense — and it’s absurd that, for so long, the payments being made never counted toward building credit,” said HPD Acting Commissioner Ahmed Tigani. “Today, we’re taking an important step towards addressing this issue. This pilot is about fairness and about financial opportunity and builds on our efforts to expand access to homeownership for New Yorkers. If you pay your rent, you should see your credit go up. And now, for those who are a part of this incredible pilot, it will. Thank you to our partners, in and out of government, for helping us reach this important milestone.”
