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Information on the New York City Mortgage Assistance Program.

The foreclosure prevention fund will help New York City homeowners by providing money to pay for their mortgage. The Mortgage Assistance Program (MAP) is a loan fund that the Center for New York City Neighborhoods (CNYCN) and the New York City Department of Housing Preservation and Development (HPD) are jointly developing. This program will provide low- and moderate-income New Yorkers with financing to cover the costs of their mortgage payments, and will also offer support services to help families keep their homes. The program will provide $10 million in initial funding, and homeowners can receive loans of up to $25,000. The aim of the program is to assist people in keeping up with their housing payments and preventing a foreclosure.

What is the Center for New York City Neighborhoods (CNYCN)

The foreclosure, housing, and mortgage crisis in New York City and the local community inspired the creation of this nonprofit organization. CNYCN is a non-profit organization that coordinates citywide programming among different nonprofit partners and charities. These organizations are involved in providing free legal services, housing and foreclosure counseling, consumer education, and debt reduction and elimination programs to families and individuals who are at risk of losing their homes to foreclosure.

Details of the Mortgage Assistance Program (MAP)

The Mortgage Assistance Program (MAP) is a service that helps high-risk households stay in their homes and avoid or stop foreclosure. Different government agencies, businesses, and non-profits are involved. The city of New York has set aside five million dollars to put towards the cause and is seeking donations from local partners to help raise money. The organization is planning to contribute at least $10 million to the loan program. Preference for the loans will be given to those neighborhoods most affected by the NYC foreclosure crisis and people from the hardest hit areas are most likely to receive financial aid.

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Terms of the loan program

There are certain requirements that must be met, and the conditions will differ depending on the situation. MAP loans are available for qualified homeowners in amounts up to $25,000. The final details of an approved application will depend on various discussed factors. These mortgage loan funds will provide relief to thousands of New Yorkers by helping them get into, or return to, affordable mortgages so they can stay in their homes over the long term.

The loans can be used for various housing expenses, including reducing the amount of the loan (or required down-payments on non-MHA modifications), paying for a second loan, or the funds can be used to catch up on mortgage payments or missed payments.

How to qualify for NYC MAP

The MAP loans are designed to help low to moderate income borrowers. A legal services provider or housing counselor must review the borrower’s financial circumstances and personal situation to determine if they are eligible for MAP funds.

The program is not a charity program, and the housing counselor or legal services provider must certify that if someone is provided a loan, that the borrower’s housing cost burden will be affordable after receiving a MAP loan. The borrower needs to be able to quickly pay for housing costs on their own.

To find out more about the New York City Mortgage Assistance Program (MAP), please call (212) 863-6300 or 311.

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