Funding for a statewide network of housing nonprofits could soon end

Money stream from 2012 National Mortgage Settlement is set to sunset next month

TRD New York /
Feb.February 25, 2019 10:00 AM

Governor Andrew Cuomo and a house for sale (Credit: Getty Images and Pixabay)

A network of about 90 nonprofits that help homeowners across New York state could run out of funding at the end of March.

The $176 billion executive budget from Gov. Andrew Cuomo does not replace a funding stream for the nonprofits from the 2012 National Mortgage Settlement that ends next month, according to the New York Post. The organizations are calling on the governor to include $20 million in the final budget to support housing counseling and legal services.

Roughly 30 local nonprofits have worked with 33,600 homeowners since 2007 on issues such as foreclosure prevention. The funding push is said to have support in the state legislature, and affordable rental units comprise many of the homes at risk of getting lost to foreclosure.

A spokesman for the New York State Division of the Budget told the Post that it is continuing to hold talks with the attorney general’s office, which has previously funded these programs. [NYP] – Eddie Small


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Owners of some residential properties can’t hide behind
LLCs anymore
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

All Year nears $650M financing for Bushwick luxury rentals

All Year nears $650M financing for Bushwick luxury rentals
The decline in contract activity may signal a drop in sales in the coming months (iStock)

Pending homes sales dipped in September

Pending homes sales dipped in September
Joseph Tabak

Portrait of a deal junkie: The Joseph Tabak story

Portrait of a deal junkie: The Joseph Tabak story
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...