Name of the organization: Center for New York Neighborhoods
Project title: New York State Mortgage Assistance Program
Project location: Throughout New York State
The New York Mortgage Relief Program is administered by the Center for New York City Neighborhoods, a nonprofit organization that promotes and protects affordable homeownership. The New York State Mortgage Assistance Program offers 0% interest rate loans up to $80,000 to eligible New Yorkers statewide. Funds can be used to put a mortgage in place, help get a modification, pay back property taxes or settle other debts that could lead to foreclosure. The NYS-MAP program directs landlords to housing counseling or legal services organizations to speak with an attorney who will review the program’s eligibility criteria, help landlords understand if they are good candidates for the program, and will help them apply for the program. Loan recipients are mostly low-to-middle income homeowners, with an average family income of $53,311.
Impact on the community:
Since January 2017, the program, working with 96 housing counseling and legal services agencies in New York State, has committed more than $58 million in loans to New York homeowners.
Every dollar loaned by NYS-MAP translates to $8.50 in preserved property values. The $58 million in loans committed so far are estimated to have saved more than 1,400 homes and contributed $493 million in preserved property values.
Description of the organization:
The Center for NYC Neighborhoods was established in 2008 to promote and protect affordable homeownership in New York City so that working and middle class families can build strong and prosperous communities. We identify needs, provide home equity loans and grants, and create innovative programs to address the often-changing issues affecting affordable homeownership both immediately and over the long term. Since the start of the mortgage crisis, the Center has helped tens of thousands of New Yorkers meet the challenges of keeping their homes.