Tuesday, September 23, 2014

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City Says Program Has Provided 100 Loans To Homeowners Facing Foreclosure

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TWC News: City Says Program Has Provided 100 Loans To Homeowners Facing Foreclosure
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The city says its mortgage assistance program has reached a milestone.

The Center for New York City Neighborhoods' Mortgage Assistance Program, or MAP, provides homeowners facing foreclosure with up to $25,000 in zero-interest loans to help make their mortgages more affordable.

Officials from the Center say that the program has now provided 100 loans to homeowners in need, equaling more than $2 million.

They say that on average, MAP loans have helped reduce homeowners' monthly mortgage payments from 42 percent of their monthly gross income to 31 percent.

The program is funded by the city, as well as private donations.

For more information on the MAP program, call 311 or visit cnycn.org/map.

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