Organization Name: Center for NYC Neighborhoods
Project Title: New York State Mortgage Assistance Program
Project Location: New York Statewide
The New York Mortgage Assistance Program is administered by the Center for New York City Neighborhoods, a non-profit organization that promotes and protects affordable homeownership. The New York State Mortgage Assistance Program offers 0 percent interest loans of up to $80,000 to eligible New Yorkers across the state. Funds can be used to bring a mortgage current, help get a modification, pay off property tax arrears, or settle other debts that could lead to foreclosure. The NYS-MAP Program refers homeowners to housing counseling or legal services organizations to speak with an advocate who will review the program’s eligibility criteria, help homeowners understand if they are good candidates for the program, and assist them with applying to the program. Loan recipients are primarily low to moderate income homeowners, with an average household income of $53,311.
Since January of 2017, the program, in conjunction with 96 housing counseling and legal service agencies across New York State, has committed over $58 million in loans to homeowners across New York.
Every dollar lent by NYS-MAP, results in $8.50 in preserved property values. It is estimated that the $58 million in loans committed thus far has saved over 1,400 homes and contributed to $493 million in preserved property values.
The Center for NYC Neighborhoods was created in 2008 to promote and protect affordable homeownership in New York City so that working- and middle-class families are able to build strong, thriving communities. We identify needs, provide home-saving loans and grants, and create innovative programs to address often-changing issues that affect 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 navigate the challenges of keeping their homes.