Sunday, October 28, 2018

Loan program to help homeowners

From AMNY:

The city is preparing to begin accepting applications next year from lower income homeowners looking for loans to finance property repairs.

The city's Department of Housing Preservation and Development and the nonprofit Enterprise Community Partners are expected to announce Wednesday that they are seeking a third partner to administer the forthcoming HomeFix program.

The final collaborator — which will also be a nonprofit — will be offering technical and financial assistance to homeowners, helping them with loan paperwork, processing the applications and identifying general contractors to perform the repairs, according to HPD.

HomeFix, which was announced last November, is designed to help owners of one- to four-family homes, who may struggle to acquire financing from the private market. Under the program, HPD will issue and service loans to about 150 New Yorkers annually, who earn no more than 165 percent of the metro area's median income.

3 comments:

Anonymous said...

More distribution of wealth using tax payer money !

Anonymous said...

How about some details! What's the NYC median income and what's 165 percent of it. Anything goes with statements like the ones in this article. The poor and near poor need a little more direction, because those who don't need this benefit and have the money to find the loopholes, will find them first. Inform, Inform, Inform!

Tommy Efreeti said...

Awful vague, though the concept seems fine on the surface..some repairs can be so expensive that home owners simply can't get them done. Anything can be financed, so home repairs don't seem like a particularly unusual exception. As long as the contractors who do the work (properly) get paid, and the structure is enhanced for the work, and the home owner can remain where they are, seems like a win-win-win.