November 4, 2019

The City is accepting applications for affordable low-interest, no-interest, and potentially forgivable loans up to $150,000 for eligible homeowners in need of home repairs or other assistance

HomeFix gives favorable loan terms to low-income households

Press Office: hpdmedia@hpd.nyc.gov

NEW YORK, NY – The New York City Department of Housing Preservation and Development (HPD) joined the Center for NYC Neighborhoods (the Center) to announce the HomeFix program is now accepting applications from homeowners in need of financing for repairs. The program, which is made possible through funding from Enterprise Community Partners, the New York City Council, the City of New York, and the Office of the New York Attorney General provides affordable and potentially forgivable loans to eligible low-to-middle income New York City homeowners who are underserved by private institutions. Beyond financing, HomeFix leverages the Center’s extensive network of nonprofit partners to provide support to local homeowners through technical assistance, education, and financial counseling.

Eligible homeowners of one-to-four family homes in any of the five boroughs can receive up to $60,000 per home, with an additional $30,000 per additional rental unit on the property. A wide range of homeowners earning up to 165% of the Area Median Income (AMI) are eligible for funding, meaning an individual earning up to $123,255 or a family of three with an income below $158,656 can qualify. The program offers loan terms that may vary in order to ensure affordability, with ability to adjust the interest rate, length, repayment requirements, and other terms in order to achieve affordability. Senior and low-income households are able to qualify for more favorable terms, including forgivable loans.

“Home repairs can be especially difficult to afford for lower income owners who are already facing the pressures of this city’s competitive real estate market. HomeFix will help to empower struggling homeowners and strengthen neighborhoods by leveraging the services provided by our community and non-profit partners to pair low cost loans with financial counseling, so New Yorkers can make repairs and stay in their homes,” said HPD Commissioner Louise Carroll. “I thank the Center for NYC Neighborhoods and Enterprise, along with our partners, for their ongoing collaboration and support to help New York City homeowners in need.”

“With each passing year, homeowners struggle more and more to manage the financial responsibility it takes to own property in New York City,” said Attorney General Letitia James. “Homefix provides much needed, low-cost opportunities for New Yorkers to be financially stable in one of the most expensive cities in the world. I am proud that my office helped provide the funding necessary for Homefix to help hardworking homeowners obtain the capital necessary to make needed home repairs, and provide stability to communities across New York. I thank the City’s Department of Housing Preservation and Development and all partners for their work on this issue.”

“Helping homeowners, especially seniors and low-to-middle income family owners, is vital as we try to combat our city-wide housing crisis. Home repairs can be expensive and can break a family’s economy. Programs like HomeFix, which the City Council proudly funds, provide critical support that can be the difference between choosing to fix a home or paying for basic family needs,” said New York City Council Speaker, Corey Johnson.   

"As we work to transform New York's housing laws and policies to ensure that every New Yorker has access to stable, secure, affordable housing, the Home Fix program, with its focus on homeowners who may be struggling to keep up, is an important part of the solution. I thank Housing Commissioner Louise Carroll, the Center for NYC Neighborhoods, Enterprise Community Partners, Attorney General Leticia James, and the City Council for their crucial support for this program," said New York State Assembly Member Brian Kavanagh.

"HomeFix could not come at a better time. As our research has demonstrated, unaddressed home repairs are one of the leading causes of financial distress for many low-income New Yorkers. HomeFix promises to bring much needed stability to families, and to help them to remain in the communities where they have invested their lives," said Christie Peale, CEO/Executive Director of the Center for NYC Neighborhoods. “We’re proud to collaborate with the City’s Department of Housing Preservation and Development and Enterprise Community Partners on this ambitious, exciting program that will benefit hundreds of New York homeowners."

“Ensuring that low- and moderate-income homeowners possess critical financial and counseling resources is key to maintaining a stable city with thriving communities," said Judi Kende, New York market leader, Enterprise Community Partners. "Enterprise is excited to support New York City in its goal to provide homeowners in need with the tools necessary to retain valuable assets.”

HomeFix is administered by the Center for NYC Neighborhoods, in partnership with Restored Homes Housing Development Fund Corporation, Asian Americans for Equality (AAFE), Neighborhood Housing Services of New York City (NHSNYC), and the Parodneck Foundation. HomeFix is funded in part by the New York Attorney General’s settlements with large financial institutions to address misconduct that contributed to the collapse of the housing market.

“For more than 20 years, AAFE Community Development Fund (CDF) has worked to make the dream of homeownership a reality for immigrant, low- and middle-income New Yorkers,” said Thomas Yu and Jennifer Sun, co-executive directors of Asian Americans for Equality. “This is why AAFE is so pleased to be collaborating with the City of New York, Enterprise Community Partners and our other nonprofit partners in support of the HomeFix program. In this challenging market for first-time homebuyers, it is more important than ever that existing homeowners have the ability to make critical repairs and improvements, and to keep building equity in their homes.” 

"We are excited to collaborate with the City of New York, Enterprise Community Partners and our other nonprofit partners in support of the HomeFix program to continue to assist the city’s at-risk senior citizen homeowners," said Ken Wray, the Executive Director of the Parodneck Foundation. 

“As a mission driven nonprofit, we are pleased to be part of this collaboration that will provide home repair loans for low-to-middle income New York City homeowners,” said Salvatore D’Avola, Executive Director, Restored Homes Housing Development Fund Corporation. “By overseeing the home repairs, Restored Homes will ensure quality workmanship to further sustainable homeownership.”

“At NHSNYC we believe that home repair can mean life repair when the boiler goes, or the roof leaks, or the steps are unsafe, and you can’t afford to fix or replace it. So, NHSNYC is pleased to partner with HPD, CNYCN, Parodneck, AAFE  and Restored Homes Development Corporation in this effort to preserve and improve the landscape of our neighborhoods throughout New York City,” said Susan M. Ifill, CEO of Neighborhood Housing Services of New York City.

Interested homeowners can visit cnycn.org/homefix to learn more about the program and to begin the application process.

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The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026.  For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.

The Center for NYC Neighborhoods promotes and protects affordable homeownership in New York so that middle- and working-class families are able to build strong, thriving communities. Established by public and private partners, the Center meets the diverse needs of homeowners throughout New York State by offering free, high quality housing services. Visit www.cnycn.org for more information.