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1-4 Units
Home Improvement Loans This
product offers below-market-rate financing on loans for low to middle-income homeowners
who have experience difficulties in obtaining convention financing. Loan amounts
go up to $100,000 at 3-6% interest rates at terms designed to meet he
borrowers' budgets. Owners receiving assistance under this program will also receive
written cost estimates, budget and construction counseling as well.
1-4 Unit Gut Rehabilitation Loans
1-4 Unit Gut Rehabilitation program helps
homeowners to completely renovated their homes. Loans amounts up
to $300,000. Interest rates are flexible. Loans may be used toward
major repairs such as electrical, plumbing, exterior structural repairs,
re-roofing, new interior finishes and remodeling kitchens and bathrooms.
Small Owners Operating Assistance
Pilot Program (SOAPP)
SOAPP 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.
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.
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