2011-12-02 / Top Stories

New Program To Help Homebuyers

Grants Of Up To $80,000 In Loans Available

New York City Councilman James Sanders Jr. highlighted a new initiative this week from the NYC Office of Housing Preservation and Development. Under the Bloomberg Administration’s New Housing Marketplace Plan, the Homebuyers Assistance Program grants qualified homebuyers up to $80,000 in forgivable toward the purchase of foreclosed and vacant homes.

In addition, the program provides counseling and homeowner training for participants to better learn how to manage their mortgage and personal finances as homeowners.

“Today’s economy has made the dream of homeownership seem little more than a distant memory for many thousands of New Yorker,” said the Councilman. “The Homebuyer Assistance Program is a terrific new program that will give my constituents an opportunity to purchase a home that may otherwise have been left vacant, and become a breeding ground for criminal activity, overgrowth, and urban decline.”

The program is specifically targeted to assist moderate and low income families purchase homes in heavy foreclosure areas of the city identified by Department of Housing and Urban Development’s Neighborhood Stabilization Program.

This includes areas in the Rockaways and the southern portions of the Councilman’s 31st District.

Prospective homebuyers must meet HUD income requirements, and must intend to move into their new home as their primary residence.

The program also helps provide more affordable rental options to those looking to rent a home or apartment in those areas.

Local administration for the program will take place through the auspices of the New York Mortgage Coalition, which will work to make foreclosed homes available as soon as they become available on the open market.

“The tragedy of bankruptcy, default and foreclosure has left a deep scar, both figurative and literal, on the landscape of New York City in general and my district in particular,” concluded the Councilman. “Now, finally, we have a tool to fight back, put families back in these homes, and ensure they have the skills and guidance not to overextend their finances in this new volatile marketplace.”

For more information, please contact the Councilman’s district office at 718- 527-4356.

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