NHSNYC serves as a unique and vital resource in helping to prevent the displacement of low- to moderate-income families throughout New York City due to rapidly increasing property prices.
Since our incorporation in 1982, NHSNYC leveraged investments totaling over $2.06 billion throughout New York City including facilitating nearly $1.6 billion in affordable mortgage financing to help 7,200 families become homeowners. We also educated 179,455 clients about key strategies for pursuing homeownership (82,740) and averting foreclosure (96,715) while successfully rehabilitating 451 properties. In 2016, more than 6,270 families attended our workshops and events, and nearly 2,000 clients received individual counseling services from NHSNYC about sustainably acquiring or preserving homeownership.
As a federally-certified Community Development Financial Institution (CDFI), NHSNYC significantly expanded its work by securing $9 million in new and renewed funding:
- $3.4 million from the Bank of America, primarily to originate forgivable loans of either $15,000 or $30,000 as downpayment and closing cost assistance for income-eligible families;
- $3 million in renewed funding from the New York City Department of Housing Preservation and Development (HPD), for its HomeFirst program, to provide first-time homebuyers with forgiveable loans for downpayment and closing cost assistance, which do not exceed $25,000 or 6% of their property’s purchase price;
- $1 million from a leading investment bank to supplement HPD’s HomeFirst program, providing forgivable loans for income-eligible first-time home-buyers up to $25,000;
- $1.5 million in renewed funding from the New York City Council to originate forgivable loans that cannot exceed $20,000, for assisting income-eligible homeowners in completing critical repair projects—such as fixing a leaking roof or replacing a broken boiler; and
- $100,000 from East West Bank to provide income-eligible families with forgivable loans for downpayment and closing cost assistance, which do not exceed $5,000 or 2% of their property’s purchase price.
NHSNYC supports clients in all neighborhoods throughout New York City but focuses our work with low- and moderate-income families who live in predominantly African-American and Hispanic communities. Ultimately, our work helps clients accumulate intergenerational wealth and realize more personal autonomy in their community.