City assists needy families with special loans
The city is lending a helping hand to Brooklynites who are on the verge of losing their homes.
The Department of Housing Preservation and Development and other organizations announced Monday that they gave more than $347,000 in loans to 16 families in the borough as part of a mortgage assistance program.
Qualified homeowners who are at risk of foreclosure can receive loans of up to $25,000 to help reduce their mortgage debt.
"The Mortgage Assistance Program has given families the extra support and security they need to avoid foreclosure," HPD Commissioner Mathew Wambua said in a statement.
Interested homeowners must meet with a certified housing counselor or legal services provider to determine whether they are qualified to receive loan money.
Several areas in New York City, including southeast Queens and parts of Brooklyn, lead the state in the number of foreclosures due to a rise in subprime loans.