Organization Name: HomeOwnership Lending LLC
Project Title: Lending You Home
Project Location: New York, Citywide
Project Description:
HomeOwnership Lending’s “Lending You Home” program offers loans that are truly affordable to low and moderate income families purchasing in a limited-equity cooperatives. The loans offer a 15 year, fixed-rate term with low closing costs and personal service. We believe in the quality of our borrowers and the strength of the co-op community. Our decades of experience with affordable housing co-ops has taught us how to meet the financing needs of purchasers and co-ops alike.
Community Impact:
Our loans make homeownership possible for New Yorkers that are unlikely to achieve this part of the American dream in such an extremely competitive housing market. In addition to making homeownership a possibility for more people, our program specifically helps the Mitchell-Lama and HDFC cooperative programs better serve their intended population by eliminating the barrier to entry with financing. For example: before HomeOwnership Lending entered the Mitchell-Lama cooperative market, purchasers typically needed cash to close on their income-restricted and limited-equity units that range from $15-40K. With ten year long waiting lists that typically deny 50% of applicants because they do not have cash for the full purchase price and the lack of lenders willing to make loans, our Lending You Home program helps the Mitchell-Lama program actually achieve its purpose of providing homeownership for working and middle class families without sufficient cash savings to pay in full.
Organization Description:
HomeOwnership Lending, LLC is a Community Development Financial Institution licensed to lend in New York State. Along with its parent organization, UHAB, and partner, the National Cooperative Bank, HomeOwnership Lending has decades of experience in the cooperative housing sector and specifically the limited-equity and income-restricted co-op sector. These co-ops participate in municipal, state and federal affordable housing subsidy programs that keep purchase prices low and allow monthly charges to remain affordable.
Team Members:
National Cooperative Bank (NCB), Local Initiatives Support Corporation (LISC), and the Urban Homesteading Assistance Board (UHAB)
Thank you for viewing NYHC's Community Impact Gallery. Please note: NYHC does not own or manage any property. If you have any questions about a specific building, please contact the project team listed. To apply for affordable housing opportunities, see housingconnect.nyc.gov or hcr.ny.gov/find-affordable-housing
Homeownership enhances the lives of communities.
Cooperators work together to govern their homes.
Affordable housing is key for working families.
Co-ops invest in stable housing for the future.