Neighborhood Housing Services provides loans to homeowners for moderate interior and exterior repairs. Typical projects include roof repair, bathroom and kitchen renovation, electrical and plumbing upgrades, refurbishing of windows, walls and doors, and interior and exterior painting. You may be eligible if you own a house or apartment building from one- to four-units. Loan amounts range from $5,000 to $50,000. A construction services staff person will be assigned to your project to guide you through the process from preparing the scope of work to completion.

 

Step 1: Gather Documents

Gather the following documents that you will need to complete your loan application.

• Proof of Ownership
• Proof of Income
• Proof of Homeowner’s Insurance (declaration page)
• Real Estate Tax Statement  (unless included in the mortgage)
• Non-refundable Application Fee
• Most recent Utility Receipts (Water & sewer, electricity, gas, telephone)

Step 2: Make an Appointment

Request an appointment to make your application with one of the locations below.

NHS of Bedford Stuyvesant
NHS of East Flatbush
NHS of the North Bronx
NHS of the Northern Queens
NHS of the South Bronx
NHS of the Staten Island

At your appointment the Loan Officer will determine your eligibility for the loan and coordinate your next steps.

Step 3: Initial Inspection & Scope of Work

Your loan officer will schedule a time for Construction Services to conduct an initial site inspection of your home. Your construction services specialist will develop a scope of work for your project and provide an estimated budget for the job.

Step 4: Choose a Contractor

The next step is to solicit bids from at least three contractors by providing them with the Scope of Work developed by NHS. You will then select the contractor that you would like to complete the work. The contractor you select must be licensed and properly insured. Instruct your contractor to submit directly to your NHS Loan Officer their license, Liability Insurance and Workers Comp Insurance.

Step 5: The Loan Process

To complete your application you must provide your loan office with the work estimate provided by the contractor of your choice and any additional documents requested by your loan officer. Upon approval of your loan by NHS, your Loan Officer will notify you of the closing. At the closing you will agree to the repayment terms of the loan and authorize NHS to pay your contractor on your behalf from the loan proceeds.

Step 6: Site Inspections and Payments to Contractor

Depending on the size of the job, Construction Services will conduct one or more site inspections to ensure that work is being done before payments are released to the contractor. When your contractor has completed the work, NHS will perform a final inspection and issue a certificate of completion.