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NYC Opens Nation's Largest Foreclosure Center.
New York -- The Center for NYC Neighborhoods, a new not-for-profit organization created to assist homeowners at risk of mortgage foreclosure throughout the five boroughs, has been launched here. It is expected to assist 18,000 New Yorkers annually on a projected budget of $5.3 million and according to city officials will be the largest program of its kind in the nation.
For cities like ours, increased rates of homeownership have meant stronger, thriving communities, Mayor Michael Bloomberg said upon the announcement. By helping homeowners and potential homeowners navigate the world of subprime loans, we are helping New York to continue to grow and prosper.
Funding in the first year includes $1 million from the administration via the Department of Housing Preservation and Development and $1.8 million from the city council.
In addition to these significant public funding commitments, the city is seeking philanthropic support. The program planning committee is engaged in fund-raising efforts expected to raise the remainder of the funds from private and other foundation sources. The center will operate as an independent entity, the city said, dedicated to a major expansion and coordination of counseling and referral services, legal assistance, loan remediation, preventive outreach and education, training, research, and advocacy around subprime lending and mortgage foreclosures.
Our city is in high emergency alert as more and more families across the city go through foreclosure, said city council housing and buildings chair Erik Martin-Dilan. We need a central organization, like the Center for NYC Neighborhoods that will treat this crisis as we would a threat to our public safety. We need to protect our families and neighborhoods from predatory loans by making people with knowledge in the field available to all New Yorkers.
Department of Housing Preservation and Development commissioner Shaun Donovan applauded the program as a groundbreaking partnership between government, nonprofits, banks and philanthropic institutions that will protect homeowners and build stronger neighborhoods in times when foreclosures are a critical issue for the city. Even though New Yorks rate of foreclosures compares well to many other major U.S. cities, city officials said rates of subprime and high-cost loans have increased steadily in recent years, with about one in three ...
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Source: HighBeam Research, NYC Opens Nation's Largest Foreclosure Center.