Bank of America Funds $8.1M for Foreclosure Prevention Services

Bank of America announced yesterday that it will provide $8.1 million to local New York non-profits to combat foreclosures. The Center for NYC Neighborhoods, in partnership with the Empire Justice Center, is proud to work with Bank of America on this effort, getting the critical funding to housing counseling groups across the state.

The funding is great news for the thousands of New Yorkers still suffering from the foreclosure crisis. While foreclosures have declined in many parts of the country, foreclosure starts remain stubbornly persistent in New York, with approximately 46,000 new foreclosure cases filed statewide just last year.

The Bank of America funds will be used to support the work of HUD-approved non-profits in providing direct housing counseling support to families at risk of or already in foreclosure. The funds will be granted out through a competitive process that any HUD-approved non-profit housing counseling agency in New York can apply for. The Center for NYC Neighborhoods and Empire Justice Center will evaluate the grant requests, and the funds will be disbursed directly from Bank of America.

For interested non-profits, applications must be submitted by May 18, 2015. More information can be found here.

Homeowners who are worried they might fall behind, or who are already behind, on their mortgage payments should check the Center’s Top Tips or call the NY Attorney General’s HOPP hotline at 1-855-HOME-456 to be connected to trusted, free assistance.