HPD - Homeowners - The Mortgage Assistance Program (MAP)

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	Direct Assistance The Mortgage Assistance Program (MAP) The Mortgage Assistance Program (MAP) is a tool to help keep households at risk of foreclosure in their homes. New York City will commit $5M of city funds and is seeking to raise additional funds—for a total of at least $10M—to offer loans to eligible homeowners. Preference will be given to those neighborhoods most affected by foreclosure. MAP loans will be for amounts of up to $25,000. These funds will help up to 1,000 New Yorkers get into, or return to, affordable mortgages. MAP Loans Pay for: Principal reduction (or required down-payment on non-MHA modifications) Payment of mortgage arrears Second lien buy-downs Eligibility Requirements Borrower must be at or below 165% of Area Median Income (AMI). A housing counselor or legal services provider must conduct an assessment of the borrower’s financial circumstances and determine eligibility for the MAP funds based on HPD approved underwriting criteria. Counselor or legal services provider must certify that borrower will have an affordable housing cost burden after receiving a MAP loan. For more information on the program and requirements, call 311 today and ask about the Mortgage Assistance Program. Partners The Center for New York City Neighborhoods (CNYCN) is coordinating training and outreach. Learn more about CNYCN. Facing Foreclosure? Call 311 Call 311 today for free, confidential, one-on-one foreclosure prevention services you can trust.

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