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New York Mortgage Coalition Inc

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Nonprofit Overview

Causes: Community Improvement & Capacity Building, Financial Institutions, Homeless & Housing, Housing Search Assistance, Housing Support

Mission: The new york mortgage coalition (nymc) is a nonprofit collaboration of financial institutions and community housing agencies focused on expanding the opportunity for responsible and sustainable homeownership to minority, and low and moderate income individuals and families in five boroughs of new york, as well as the surrounding counties of nassau, suffolk, dutchess, orange, rockland, and westchester. Nymc supports its neighborhood-based nonprofit members in their pre-purchase counseling, post-purchase education, and financial literacy programs. Coalition members provide the public with access to the tools to achieve the dream of homeownership including information on competitive, fixed-rate loans, closing cost grants, and down payments assistance. Nymc also supports its member agencies who play a leading role in preserving homeownership offering informational workshops and one-on-one counseling to troubled homeowners through foreclosure prevention programs.

Programs: Housing counseling program : nymc housing counseling agencies provide housing counseling services for over 2,500 clients in 2016. Clients who receive a homeownership certificate of completion must complete a minimum of 8 hours of education; 6 hours in a classroom setting and 2 hours of one-on-one counseling with a homeownership counselor. In 2016 nymc generated 376 mortgage commitments. 2 out of 3 clients enrolled in nymc's one-on-one counseling program become mortgage -ready within 6 to 12 months. Since inception, nymc has provided homeownership counseling to more than 30,000 low to middle income families and helped originate over $1 billion in affordable first-home mortgages.

nymc's student loan pilot initiative - new york mortgage coalition facilitated 10 webinars on student loans led by the counselor's corner. Materials covered include preparing for the cost of funding a college education, repayment options for private and federal loans, loan repayment tools, what to do if the loan is in default, and preparing for homeownership. "

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