The New York Mortgage Coalition (NYMC), a nonprofit that helps low- to moderate-income New Yorkers become homeowners, has announced new mortgage financing aid of up to $80,000 for buyers in selected areas of Brooklyn, Queens and Staten Island.
The coalition's new program is designed to support sales of foreclosed or vacant homes and help make home buying more affordable. The program provides a no-interest, forgivable loan that becomes a grant if the buyer lives in the home for a specified period. It is available until December 2012 or until budgeted funds run out.
The program also helps provide more affordable rentals, according to the NYMC. Buyers of multi-unit homes through the program are required to adjust rents to tenants' incomes. The NYMC is administering the program in collaboration with the New York City Department of Housing Preservation and Development and Neighborhood Housing Services, a community-based nonprofit organization.
‘Those who act now on this time-sensitive program will reap the most benefit from a revitalized housing market,’ says Ken Inadomi, executive director of the NYMC. ‘The purchase-rehab loan program makes it easier to finance a fixer-upper, since it requires only a 3.5 percent downpayment.’