Victory for Homeowners: NY State Announces Funding to Assist Homeowners
Advocates from across the NY State came together to lobby at the State Capitol in Albany, asking representatives to #ProtectNYHomes.
This year’s state budget was completed over the weekend in Albany, and affordable housing advocates have a number of reasons to celebrate. Here’s how affordable homeownership priorities played out in the budget:
- Foreclosure prevention funding: Homeowner advocates were successful in obtaining $10 million in the budget to fund foreclosure prevention services. Foreclosure prevention funding had been set to expire in September of this year, but thanks to a deal between Attorney General Eric Schneiderman and the State Legislature, we now have sufficient funding to finish out this State Fiscal Year, which ends next March.
This funding was a major priority for the Center, and we are thrilled to be able to continue state-funded foreclosure prevention services for the upcoming year, while we continue to work with Governor Cuomo and the Legislature to secure a plan for permanent funding.
- Reverse mortgages: The budget bills also made a legislative fix that will help senior homeowners at risk of reverse mortgage foreclosures. The new law will require mandatory settlement conferences before allowing lenders to move ahead with reverse mortgage foreclosures. This is great news, as it will give seniors at risk of foreclosure a chance to get connected with foreclosure prevention services and reach a solution to keep their homes.
- Affordable housing plan: The state budget includes $2.5 billion for a five-year housing plan that will have a major impact on affordable housing and homeownership statewide. The plan includes $41.5 million for affordable homeownership programs in New York state, among other major investments in affordable housing, including supportive housing, senior housing, and NYCHA repairs.
We commend Governor Cuomo, the State Legislature, and Attorney General Eric Schneiderman for reaching a budget deal that will protect homeowners at risk of foreclosure while creating new affordable homeownership opportunities for New York’s working families. We also congratulate our many partners in advocacy, specifically our fellow members of the Protect NY Homes Coalition and the organizations that campaigned for the $2.5 billion in housing plan funds.
Click here to learn our ongoing campaign and recent trip to Albany to secure foreclosure prevention funding.
If you or someone you know needs assistance, please call our Homeowner Hub at 1-855-HOME-456.