City offers water and sewage debt relief to struggling homeowners

New York City homeowners facing foreclosure will be temporarily relieved of their overdue water and sewer bills under a new city initiative announced yesterday. Roughly 2,000 homeowners will be eligible for the program, which will allow those who have owed $1,000 or more for at least one year to freeze penalties and unpaid interest on their water debt, Mayor Michael Bloomberg said. Once the property is sold, transferred or refinanced, owners will be required to repay the water debt as well as all future water bills. “We’re offering a financial lifeline to many homeowners that need help now more than ever,” Bloomberg said. “We’re taking the immediate pressure off one front in their struggle and in many cases that will then help them get back on their feet and stay in their homes.” TRD