The Real Deal New York

NYC to bail out homeowners facing foreclosure

The $13M program will buy mortgages from Feds
July 01, 2016 08:01AM

Mayor Bill de Blasio

Mayor Bill de Blasio

Can’t pay your mortgage? New York City is coming to the rescue.

In a new program that takes aim at lingering home foreclosures, the city will buy long-unpaid mortgages from federal housing officials, the Associated Press reported.

Mayor Bill de Blasio unveiled the $13 million program Thursday, which will help owners remain in their homes — or, if not, use the properties as affordable housing.

New York is among the first cities to buy mortgages from federal housing officials, and for now, the administration is looking at 24 properties that include 41 homes.

City officials said they will spend millions of dollars for repairs. If successful, they aim to widen the project. [AP] — E.B. Solomont