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Neighborhood Housing creating new homeowners.

As part of the $650 million, nationwide "Neighborworks" initiative to give low- and moderate-income families the opportunity to own their own homes, the not-for-profit Neighborhood Housing Services of New York City, Inc. (NHS) announced that by year-end it will identify hundreds of minority candidates for home ownership and shepherd them through the complicated process of shopping for a home, securing a mortgage and closing on their purchase.

The NHS program is the New York City component of the national Neighborbood Reinvestment Corporation's 'Neighborworks' effort which will identify 10,000 low- to moderate'income Americans over the next five years and then work with them until they reach the goal of owning their first homes.

Acting as the advocate for Latinos and other minority applicants for home ownership, NHS professionals will help them overcome the myriad problems associated with obtaining a conventional mortgage loan because of credit or budgeting problems. It also will help those who are unfamiliar with the mortgage application process or just never thought they could afford to purchase a home.

NHS presently is receiving funds from the New York Mortgage Coalition, a group of 12 banks that has lowered down-payments to 5 percent, reduced points and application fees, expanded debt-to-income ratios from the conventional 28 percent/36 percent to 33 percent/38 perc. eat, and is accepting credit histories that include documented membership in non-traditional savings clubs.

NHS has identified 500 potential home buyers since last September. To purchase a median-priced home in New York City, a family of four would need close to $35,000 in annual income.

On a national scale, the Neighborworks campaign will enlist lenders, thrifts, insurance companies, foundations and corporations as national sponsors; create 10,000 new low-to moderate-income home owners in 15 1 cities and rural areas during the next five years; and enlist the support of financial institutions in providing flexible, low-interest financing that will allow new home owners to buy, and keep, their homes.
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Title Annotation:non-profit organization Neighborhood Housing Services of New York City Inc. to help hundreds of minority candidates in attaining home ownership in New York, New York
Publication:Real Estate Weekly
Date:Jun 16, 1993
Words:324
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