Homeowners Facing Foreclosure Find Help With New Grant

Mayor Bloomberg and Speaker Christine Quinn announced new grants on Thursday to assist homeowners facing foreclosure. (Li Xin/Epoch Times)

NEW YORK—New York City Mayor Michael Bloomberg and City Council Speaker Christine Quinn, and Center for NYC Neighborhoods Executive Director Michael Hickey announced $2.3 million in grants to help homeowners who are at risk of mortgage foreclosures.

“Although our City has not experienced the volume of home foreclosures that have devastated many other parts of the nation, too many New York families are in danger of losing their homes and the risk of foreclosure is increasing quickly,” said Mayor Bloomberg in a press statement. “Our Center for New York City Neighborhoods is working”

The grants, given on Dec. 11, will be distributed by the Center for NYC Neighborhoods to non-profit service providers throughout the five boroughs. The money will go towards helping residents obtain legal assistance, mortgage counseling, and educational services.

The Center has provided housing counseling and legal services to roughly 1,000 New York City families in the second half of 2008, and with the new grants, the center will have the capacity to provide services to more than 6,000 families in 2009. In addition, next year the center will begin providing education services to up to 20,000 New Yorkers.

Quinn expressed her hope that the new grants will give New Yorkers facing tough times a place to turn. “Homeowners facing foreclosure often feel like they’re at the end of the road,” said Speaker Quinn. “Stopping foreclosures before they get to the point of no return is not only good for individual families, it will help stabilize our economy during a time of financial uncertainty.”