NHS offers you with assistance in finding a home or property to purchase in 2 ways!
NHS creates new homeownership opportunities through “gut rehabilitation” and new construction of 1-4 family residential and mixed use buildings. Since 1993, NHS has partnered with the New York City Department of Housing Preservation and Development (HPD) to rehabilitate over 400 buildings primarily in Brooklyn, Queens, and the Bronx. NHS Homes are sold to qualified buyers either through lotteries or open marketing. NHS currently has mixed-use buildings and several condominium apartments available for sale. Click here to view our current listings.
In this section of the site, you will find listings for new properties available at below-market rate prices. Income restrictions apply and you must agree to occupy the home as your primary residence. Other criteria apply. Please click here to view our listings for more information.
Neighborhood Housing Services of New York City (NHS) serves the metropolitan area of New York, New York. Through financial empowerment and affordable lending, NHS enables individuals and families to invest in, preserve and improve their Neighborhoods, their Homes and their Future. In addition to providing services throughout New York City, NHS is a community-based organization with targeted impact in the following Neighborhoods: Bedford-Stuyvesant, East Flatbush, North Bronx, Northern Queens, and South Bronx. NHS is a chartered member of NeighborWorks America®, a national network of over 230 community-based organizations in all 50 states.
New York and New Jersey LIFT Markets 2014 AMI Limits
|New York, NY HUD Metro FMR Area|
The New York, NY HUD Metro FMR Area is comprised of the following counties: Bronx County, New York; Kings County, New York; New York County, New York; Putnam County, New York; Queens County, New York; Richmond County, New York; Rockland County, New York; and Westchester County, New York.
|Newark, NJ HUD Metro FMR Area|
The Newark, NJ HUD Metro FMR Area contains the following areas: Essex County, NJ; Morris County, NJ; Sussex County, NJ; and Union County, NJ.
|Jersey City, NJ HUD Metro FMR Area|
The Jersey City, NJ HUD Metro FMR Area contains Hudson County, NJ.
New York – New Jersey CityLIFT
Frequently Asked Questions
Q. What are the terms of the CityLIFT funding?
A. CityLIFT funds are provided as a 5 year forgivable loan program for owner-occupied properties. As long as the borrower resides in the home the loan will be forgiven at a rate of 20% each year on the anniversary date of settlement. If the house is no longer a principle residence or the property is transferred, repayment of the balance of funds will be immediately due.
Q. Are there income restrictions for eligible borrowers?
A. CityLIFT funds are available for conventional and VA first mortgage loan borrowers with a HOUSEHOLD income up to 120% of the Area Medium Income (AMI). For borrowers using an FHA loan the income limit is 115% of the AMI. To view the household income chart (CLICK HERE).
Q. If a person living in the home is not included on the loan to purchase the home does their income count in the calculation of household income?
A. Yes. HOUSEHOLD income is calculated using all income for people ages 18 and older living in the home after the purchase. To view the household income chart (CLICK HERE).
Q. Are there other financial requirements to participate in the program?
A. You may be required to make an additional down payment contribution from your own funds if your ‘remaining liquid assets’ at the time of settlement will exceed the greater of 6 months of your new housing PITI (principal, interest, taxes, and insurance) payment or $7,500 plus any additional payment reserve requirements that may be imposed by the first mortgage loan program.
‘Remaining liquid assets’ are defined as your available funds in bank accounts such as checking, savings or money market accounts that are readily accessible without withdrawal restrictions or penalties after you have met any out-of-pocket settlement requirements from your own funds.
Liquid assets do not include Retirement Accounts (such as 401(k), IRA or pension accounts), Investment Accounts (such as stock, bond or mutual funds), Certificates of Deposit (CDs), Business Checking or Savings Accounts.
Liquid asset determinations and contribution requirement estimates are made at the time of the first mortgage loan application. Liquid asset funds that are subsequently transferred to restricted accounts after first mortgage application will not be excluded from contribution calculation requirements.
Q. What first mortgage lenders are eligible to participate in the CityLIFT program?
A. A complete list of partner lenders is available on the NHS of New York City/NeighborWorks® Homeownership Center website (CLICK HERE).
Q. What is homebuyer education and how do I get it?
A. Homebuyer education is an eight hour class that teaches about the home buying process. It includes a one hour session with a certified counselor. You may schedule a class with Neighborhood Housing Services of New York City/NeighborWorks® Homeownership Center, Neighborhood Housing Services of Bedford-Stuyvesant, Neighborhood Housing Services of East Flatbush, Neighborhood Housing Services of North Bronx/NeighborWorks® Homeownership Center, Neighborhood Housing Services of South Bronx, and La Casa de Don Pedro (New Jersey), or participate in the online class through NHS of New York City/NeighborWorks® Homeownership Center partner eHome America (CLICK HERE). You may also receive your homebuyer education from any HUD Approved Housing Counseling Agency in New York and New Jersey. (CLICK HERE) for a list of agencies.
Q. I have a homebuyer education certificate from an agency that is not HUD approved. Will that be accepted?
A. No, Only homebuyer education certificates from HUD Approved Housing Counseling Agencies located in New York and New Jersey are eligible for CityLIFT funds. (CLICK HERE) for a list of agencies.
Q. Can I own another home and still qualify for the CityLIFT program?
A. Yes, if you currently own a home but will be selling it prior to closing on the CityLIFT property, you can still be eligible for the program. At the time of closing you may not own any additional properties including investment properties.
Q. Are short sale properties eligible for CityLIFT funds?
A. Short sale properties are eligible for the program. The purchase agreement for the short sale property must be signed by the buyer and the seller to apply for LIFT funds. The lender (lien holder of short sale property) must ratify the agreement prior to closing. CityLIFT funds can be used in connection with the financing of a Wells Fargo short sale but only if Wells Fargo is not the new first mortgage lender on the short sale purchase. Another lender must originate the new first mortgage loan.
Q. What expenses can I use the CityLIFT DPA Funds to cover as part of my purchase of a home?
A. CityLIFT down payment assistance funds may be used for any eligible purpose including closing costs assistance, down payment assistance, or borrower minimum out-of-pocket investment if allowed by the first mortgage loan program. CityLIFT funds may not necessarily cover the closing costs or out-of-pocket requirements of an FHA first mortgage or other type of first mortgage loan. You should consult directly with your first mortgage lender and the NHS of New York City/NeighborWorks® Homeownership Center to determine how CityLIFT program funds may be used in connection with your home purchase.
Q. Can I qualify for additional incentives along with CityLIFT funds?
A. Yes. There are several programs eligible for layering incentives together with CityLIFT funding. Programs sponsored by New York City/NeighborWorks® Homeownership Center, Newark, Jersey City, the State of New York, the State of New Jersey, as well as other programs, are included. A list of preapproved incentive programs is available on the NHS of New York City/NeighborWorks® Homeownership Center website (CLICK HERE). For other incentive programs that are not listed contact NHS of New York City/NeighborWorks® Homeownership Center to determine eligibility.
Q. How do I know if I am eligible for additional incentive programs?
A. Eligibility for each program is determined by the program administrators. Contact them directly to participate in their programs.
Q. Are there any properties within the Cities of Brooklyn, Bronx, Jersey City and Newark that are not eligible for CityLIFT funds?
A. Yes. Wells Fargo REO (real estate owned) properties are not eligible for CityLIFT funds.
Q. What do I need to do following the CityLIFT event?
A. Following the CityLIFT event, clients who receive an allocation of funds will have 60 days to get a signed sales contract on a home and submit the required documents to NHS of New York City/NeighborWorks® Homeownership Center. Clients who do not complete all of these steps will lose their CityLIFT allocation. Clients are encouraged to submit the documents following the CityLIFT event as soon as they are available. Please note successful completion of an eight-hour homebuyer education course is required prior to closing.
Q. Once a buyer is determined to be eligible for CityLIFT, how quickly will the process move forward?
A. Once a buyer with an signed sales contract is determined to be eligible by one of the six agencies, a commitment letter will be issued with a copy sent to the first mortgage lender. The lender will then prepare documents for closing and provide copies of required documents to NHS of New York City/NeighborWorks® Homeownership Center at least seven (7) business days prior to closing. NHS of New York City/NeighborWorks® Homeownership Center will then have all documents prepared for the closing.
Q. What documents do my lender and I have to submit to the NHS of NEW YORK CITY/NeighborWorks® Homeownership Center so that I can settle on my home using LIFT funds?
A. (CLICK HERE) for Lender Checklist of Documents.
Q. Will extensions be allowed for clients who do not have a signed sales contract on a home?
A. No. Extensions are only available for clients who have met the program requirements and are preparing for settlement.
Q. If a contract falls through can the client change to another property?
A. Prior to the ending of the 60 day post-launch period, the client can resubmit a valid signed sales contract on another home and maintain their eligibility. Once the 60 day period following the CityLIFT event is complete, the funding becomes property-specific and if the deal falls through the CityLIFT funds are de-allocated.
Q. What happens if I can’t become pre-approved for a first mortgage at the event?
A. Clients who are not able to qualify for a loan will be offered financial fitness classes and counseling following the event. The classes and counseling are designed to help prepare clients to get approved for a first mortgage. Financial fitness classes are free and provide information on how to manage income and create a budget based on that income, how to save, how to obtain a credit report, as well as how to apply for and use credit.
HUD Approved Counseling Agencies
|NHS of Bedford Stuyvesant||1012 Gates Avenue
Brooklyn, NY 11221
|NHS of East Flatbush||2806 Church Avenue
Brooklyn, NY 11226
|NHS Homeownership Center||307 West 36th Street, 12th Floor
New York, NY 10018
|NHS of North Bronx//NeighborWorks® Homeownership Center||1451 East Gun Hill Road, 2nd Floor
Bronx, NY 10469
|NHS of North Bronx||1451 East Gun Hill Road, 2nd Floor
Bronx, NY 10469
|NHS of Northern Queens||60-20 Woodside Avenue, 2nd Floor
Woodside, NY 11377
|NHS of South Bronx||848 Concourse Village West
Bronx, NY 10451
|NHS of Jamaica||89-70 162nd Street
Jamaica, NY 11432
AAFE, AAFE CDF and Renaissance EDC
|807 48th Street
Brooklyn, NY 11220
|Chhaya Community Development Corporation||37-43 77th Street, 2nd Floor
Jackson Heights, NY 11372
|Cypress Hills Local Development Corporation||3214 Fulton Street
Brooklyn, NY 11208-1940
|Harlem Congregations for Community Improvement||2854 Frederick Douglass Blvd
New York, NY 10039
|Neighbors Helping Neighbors, Inc.||621 DeGraw Street
Brooklyn, NY 11217-3120
|Pratt Area Community Council||1224 Bedford Avenue
Brooklyn, NY 11216-1802
|La Casa de Don Pedro||317 Roseville Avenue
Newark, NJ 07107