Thank you Center for New York City Neighborhoods (CNYCN) for this guest blog post.
City’s Mortgage Assistance Programs Saves 100 Homes From Foreclosure, Learn if it Could Help You
While the national mortgage crisis recedes from the news headlines, many homeowners that continue to struggle under the heavy burden of unmanageable mortgage debt can feel left behind and without solutions. But in New York City, there is an innovative program that is working to help these homeowners. The program is called the Mortgage Assistance Program (MAP).
On Wednesday, July 10th, the Center for New York City Neighborhoods (CNYCN) and the City’s Department of Housing Preservation and Development (HPD) announced that they have saved 100 New York City households from foreclosure by funding over $2 million in loans through MAP. That’s 100 financially stable households and $2 million invested in New York City neighborhoods. There is approximately $3 million in funding still available to help homeowners at risk of foreclosure and the Center is actively accepting applications through their network of housing counselors and attorneys.
So, what is MAP? MAP is a loan program designed to help homeowners in New York City who are behind on their mortgages or association fees. MAP loans can be up to $25,000 and are 0% interest. There are no monthly payments on MAP loans; you pay back a MAP loan if you refinance or pay off your existing mortgages, if you sell your house, if you no longer reside in the house, or, if none of these conditions is met, 30 years from the date you receive the loan. If you are unable to pay the loan when it becomes due as a result of a financial hardship, it may be forgiven. MAP loans can be used to bring your mortgage current, bring your condo or homeowners association fees current, assist in getting a mortgage modification, or pay off a mortgage.
To qualify for MAP, you must live in a 1-4 family house or condominium in New York City that is your primary residence. Your household’s annual income must be less than or equal to 165% of Area Median Income (click here for a chart showing 165% of AMI). Applicants work with a housing counselor or legal services provider at no charge to apply for MAP (Help is Free. Avoid scams!). You can call 311 or 646-786-0888 to be connected to a housing counselor or legal services provider who will determine your eligibility and work with you to submit your application.
You can also take a look at the Center’s website at www.cnycn.org/map.