Neighborhood Housing Services Of New York City Inc

Programs: Lending: neighborhood housing services of new york city, inc. (nhsnyc) is a network of neighborhood offices, housing development corporations and a central office that administers our work as a community development financial institution (cdfi). Our lending platform enables nhsnyc to originate loans and grants for the acquisition or preservation of 1-to-4 family properties throughout new york city, including houses as well as units in cooperative and condominium developments. Nhsnyc also has the ability to provide renovation and repair loans for small buidlings, with between one-to-twenty housing units. In 2017, neighborworks america selected nhsnyc to administer a $7. 5 million wells fargo neighborhoodlift program in new york city. Through this work, we will provide 350 low- and moderate-income families with a forgivable loan of $20,000 for downpayment or closing cost assistance to help purchase homes in queens, brooklyn or the bronx. These loans will be forgiven after five years, conditioned on clients residing in the home as their primary residence for those five years. In 2013, nhsnyc received $9. 5 million from a similar wells fargo program, through which we helped 450 families sustainably achieve homeownership. Since 2006, we have also administered the new york city department of housing preservation and development's homefirst program, which provides first-time home buyers earning 80% or less than the area median income with a forgiveable loan equal to 6% of their property's purchase price, up to a current maximum $40,000.

education counseling: nhsnys currently staffs five offices throughout new york city, in the transport workers union's counseling in the north bronx, the south bronx as well as mid-town manhattan, harlem, and district council 37, the largest municipal employees union in new york city with 121,000 members. In each location, nhsnyc provides education and counseling services that enable our clients to achieve an informed choice when purchasing a home. Specifically, we teach families how to assess and maintain their personal finances, including indentifying an afforadale monthly housing cost that does exceed 36% of total income. When clients are intersted in pursuing homeownership, we enroll them in our eight-hour home buyers education class, which teaches participants about credit, effective money management techniques, as well as the mortgage application and home buying process-using a curriculum developed by neighborworks america (nw), entitled "realizing the american dream. " nhsnyc also assists clients in completing an online homeownership course, called e-home.

special projects: first mortgage origination: in 2014, nhsnyc began offering first mortgages to purchase or refinance one-to-four family homes in new york city. Notably, we secured a $1 million revolving credit facility from one key bank partner to originate first mortgages in brooklyn and manhattan-primarily for families who earn 80% or less than the area median income (ami) and have a minimum fico score of 640. For clients purchasing homes in a low-or-moderate-income census tract, we have the ability to originate mortgages for families earning 165% or less than ami. Nhsnyc will sell both types of mortgages back to our bank partner for a modest premium, which will help increase our earned income as well as help defray the cost of our homeownership education and couseling services. Through this work, we will expand the availability of affordable and fixed-rate mortgage financing, especially for low-to-moderate-income clients in communities of color, thereby enabling more families to sustainably achieve the american dream of homeownership.