Homeowners of new York city in 2019 will be able to apply for a loan for the repair

The city is preparing to implement next year the process of accepting applications from homeowners with low income who are looking for sources of financing of repair of their property.

The Department of housing and city development (HPD) and the nonprofit organization Enterprise Community Partners looking for a third — also a nonprofit partner for the upcoming program HomeFix.

According to a representative of HPD, the partner will offer technical and financial assistance to homeowners to help them with the loan documents to process the application and to determine the General contractors to perform repairs.

HomeFix program, which was announced in November last year, is designed to help owners of houses, inhabited from one to four families, to receive funding. Under this program, HPD will annually help with the processing of loans to approximately 150 new Yorkers earning no more than 165% of the average income.

HomeFix should directly meet the individual needs of homeowners with low and middle income, providing them the opportunity to make the necessary repairs and providing investment to maintain the house in a state suitable for further accommodation. Although the details of the program HomeFix still say, offer loans can vary from a few thousand dollars up to $100 million and more.

The final terms and amounts of loans will be published in early 2019, when the program is ready to accept applications from homeowners. HPD plans to launch a program HomeFix for a period of not less than three years, with the financial support of city and Enterprise Community Partners.

Source