Debt Consolidation Rehab Loan
This loan, for owner-occupied,
residential one-four unit buildings in
New York City, enables you to
consolidate your debts, and have funds
available to take on a rehab project.
The maximum amount is $80,000, of which
no more than 40% can be spent on
consumer-related debt. Real
estate-related debt can go up to 80% of
the total loan amount. NeighborWorks
Loans
This loan, for owner-occupants or
first-time purchasers of one-four unit
residential buildings, can be used to
obtain a mortgage to purchase; to
purchase and rehab; or to refinance and
rehab a home. Loans are available for
terms of up to 15 years, and there are
no income limits. The maximum loan is
$300,000. Multi-Family/ Mixed-Use
Loans
NHS provides loans for renovation to
owners of multifamily and mixed-use
properties of up to 20 units.
Renovations can be moderate or
expensive, funded by loans from $75,000
to $800,000. Typical improvements
include replacement of plumbing,
electric and heating systems, roofs,
windows, doors, kitchens and bathrooms.
We can also provide financing for
complete gut-renovation of small
buildings. In addition, NHS can help
with referrals of experienced, licensed
and insured contractors and architects.
In all cases, we provide evaluations of
the necessary scope of work,
construction prices and contract
documents. Typically, the borrower pays
interest only during the construction
phase, after which the loan is converted
to an amortizing term, usually 15 years,
at a fixed interest rate. In some cases,
the loan term can be longer. For more
information, please call (212) 519-2530.
The NY State Small Building Owners Emergency Loan(Landlord One)
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Landlord One provides $5,000 to $20,000
emergency loans at a 1% interest rate
for multifamily buildings with 5 to 20
units and for small mixed-use buildings.
The New York State Housing Finance
Agency subsidizes these loans, which are
intended to pay for essential repairs
such as boiler or roof replacement,
building entrance doors, intercom
systems, windows, fixing code violations
or life and safety issues. For more
information about Multifamily/Mixed-Use
Loans and Landlord One loans,
click here. For more information
about other loans
contact the NHS office nearest you |
