Hurricane Sandy has caused extensive damage to homes and neighborhoods throughout New York City. Neighborhood Housing Services of New York City, Inc. (NHSNYC) has started the process of supporting relief efforts to the affected areas with emergency repair loans.
Homeowner or a landlord in need of financing for emergency repairs can quality for NHS Emergency loan programs for (1) Owner occupants of 1-4 family homes; and (2) Owners of 5-20 residential units or mixed use properties.
The Emergency Loan for 1-4 Unit Owner Occupants provides homeowner
s with loans and grants to repair water main, boiler, sewer lines, sidewalk violation, roof, plumbing, electrical and eliminate conditions dangerous to health and safety. Other emergency repairs may apply. The maximum loan amount is $10,000, with low interest rates and a maximum term of 5 years.
The Emergency loans for 5-20 unit Residential and Mixed–Use buildings - Landlord One is an emergency loan for small property owners, corporations, non-for profit owners, investor, corporations and owner occupants of 5-20 units building in the five boroughs of New York City. Mixed-use buildings qualify as long as the loan is used to repair residential units or systems that affect the residential units. The interest rate to 5% (APR of 6.25%). The maximum loan amount is $25,000 which is available in increments of $10,000, $15,000, $20,000 and $25,000. The funds can be used to: replace building wide systems; eliminate code violations; upgrade vacant apartments; eliminate dangerous health and safety conditions and other essential repairs.
“Our resources are available to help during the difficult process of recovery in New York City neighborhoods,” said Director of Lending and Program Services, Louis Kilkenny, NHSNYC is ready to assist affected residents repair their homes, so they can begin to resume daily activities.”
Loan approvals are typically available within 72 hours from application. Applicants need appropriate documents; such as evidence of homeowner insurance; ownership of the home; their last two pay stubs and an estimate from a licensed and insured contractor. NHSNYC can help to complement state and local response recovery efforts until federal assistance – such as emergency relief funds become available.