City Partners with Enterprise to Roll Out a New Home Repair Program that Assists NYC Homeowners
HomeFix will offer low-interest loans to help low-to-moderate income owners improve housing conditions and remain in their homes
NEW YORK, NY –Enterprise Community Partners, in collaboration with The New York City Department of Housing Preservation and Development (HPD), announced today the first step in rolling out HomeFix, a new program to offer financial assistance and fund needed repairs for low-to-middle income owners of one-to-four family homes. Today, Enterprise issued a Request for Proposals (RFP) for an administrator to facilitate the HomeFix program. One of the initiatives first laid out in Housing New York 2.0, HomeFix seeks to empower New York City homeowners who are not able to access home repair funds through the private market by providing home repair loans, technical assistance, and other homeowner funding or counseling. The HomeFix program 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.
“Homeownership is an anchoring force for families and neighborhoods, which is why through Housing New York 2.0 we set out to extend a lifeline to hardworking families struggling to maintain their homes. HomeFix will directly meet the individual needs of low to middle-income homeowners, empowering them to make the necessary repairs and investments to remain in their homes and protect their value for future generations,” said HPD Commissioner Maria Torres-Springer. “I thank the New York Attorney General’s Office as well as our partners at Enterprise for their partnership in ensuring the strength and stability of all our city’s communities.”
“Affordable homeownership is a critical means of stabilizing communities, and it is a critical tool for tackling New York City’s affordability crisis,” said Judi Kende, Vice President and New York Market Leader, Enterprise Community Partners. “The HomeFix program will provide tailored solutions to address the unique needs of individual homeowners, particularly those who have limited access to resources in the private market. Enterprise is proud to fund this new model, which will empower New York City homeowners to remain in the neighborhoods they call home.”
“Through the funding my office secured in our settlements with the big banks, we’ve been able to invest in cities and towns across New York and provide tools to rebuild and revitalize our neighborhoods,” said New York Attorney General Barbara D. Underwood. “I’m proud that these funds have helped make the HomeFix program possible, so that individual homeowners across the five boroughs can get the resources they need to remain in their homes.”
"Preserving homeownership opportunities for people throughout New York City is one of my highest priorities as Chair of the Council's Committee on Housing & Buildings. The HomeFix program is one of the important commitments the City has made in making it easier for homeowners to stay in their homes by making the financial resources available to allow them to maintain their homes in good, livable condition. I look forward to working with HPD and the eventual HomeFix administrator to ensure the program serves homeowners as effectively as possible in the coming years," said Council Member Robert E. Cornegy, Jr.
"Home Fix will help maintain our city's housing stock by keeping homes safe and livable and will empower low- and moderate-income homeowners in a way that was never before possible through existing funding sources," said Assemblyman Steven Cymbrowitz, Chair of the Assembly's Housing Committee. "This is an example of thinking outside the box to help preserve the stability of our communities."
HomeFix furthers the City’s ongoing Housing New York 2.0 efforts and will serve approximately 150 homes per year. The program will offer loans to help low-to-moderate income homeowners to improve housing conditions. Loans will be offered to owners at affordable rates, with low-interest, non-interest, and forgivable loans offered to the lowest income homeowners. The program expects to start accepting applications starting early 2019.
The RFP seeks a qualified non-profit organization to serve as the program administrator responsible for overseeing the HomeFix program. The administrator will serve as the primary contact for homeowners, provide expertise and help homeowners to access financial assistance and financial counseling. The HomeFix administrator will also partner with Enterprise, who will function as the contract manager, and the Department of Housing Preservation and Development (HPD) will make and service the loans.
The HomeFix program was first announced in 2017 as part of a new suite of initiatives to assist homeowners with the release of Mayor de Blasio’s Housing New York 2.0 plan. Deadline for submissions to the RFP is December 7, 2018. For more information, view the HomeFix RFP webpage.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to good schools, jobs, transit and health care. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
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.