Neighborhood Housing Services of New York City

Lending: Neighborhood Housing Services of New York City, inc. (nhsnyc) is a federally-certified community development financial institution (cdfi). Our lending platform enables nhsnyc to originate loans and grants for the acquisition or preservation of 1-to-4 family properties throughout New York City, including houses as well as units in cooperative and condominium developments. Nhsnyc also has the ability to provide renovation and repair loans for small buildings, with between one-to-twenty Housing units. In 2022, wells fargo selected nhsnyc, along with lisc and the center for New York City neighborhoods, to receive a $7.5 million worth grant. The purpose of this grant will be to expand lending with help in creating an open access fund, to help low to moderate income borrowers bridge the gap to purchase a home.

Special projects none noted for program expense statement last year.

Education/counseling: nhsnyc currently operates in two offices throughout New York City. These include a homeownership center headquarter in midtown manhattan and a satellite office in the transport workers union counseling center in the north bronx. In each location, nhsnyc provides critical homeownership promotion and preservation Services to low and moderate income families living in New York City, including: (1) education about all phases of the homeownership process; (2) assistance in securing affordable, fixed-rate mortgage financing; (3) support to preserve homeownership through foreclosure intervention Services; (4) financial coaching; and (5) since 2006, administer the home first downpayment and closing cost assistance program for the City of New York with grants up to $100,000, to families below 80% of median income. Clients purchasing a home must complete an eight-hour homebuyer's education seminar covering effective money management techniques, the mortgage financing process, and the homebuyer process. Clients purchasing a 1-4 family home must complete a two-hour landlord education seminar to ensure they are prepared for the responsibilities of being a landlord.