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New York

New program subsidizes buyers of foreclosed NYC homes

The city has launched a new program to lure prospective buyers to areas of the city devastated by the foreclosure crisis.

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The New York Daily News reported that under the Neighborhood Stabilization Program 2 Buyer Assistance Program, the city will use $4 million in funds from the U.S. Department of Housing and Urban Development to provide homebuyers in certain neighborhoods up to $50,000 towards a down payment on the home, and up to $30,000 more for minor repairs. Buyers must meet certain income restrictions, for example, a family of four must earn more than $57,200 but less than $98,175 in annual income.

The program is focused largely on Queens, which was hit especially hard by the housing bust, but also extends to parts of Brooklyn and Staten Island. Queens neighborhood advocates said the program could alleviate blight, violence and drug abuse facilitated by groups of abandoned homes and revitalize once-growing communities. [NYDN]

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Foreclosures