This notice is to let contractors and interested parties know about the repair loans offered by the City of New York.
Full details can be found at http://www1.nyc.gov/site/hpd/owners/homeowner-repair-loans.page.
HPD offers eligible homeowners a variety of low-interest loans for moderate to major home renovations. Sometimes, these low-interest funds are combined with financing from a lending institution to provide a low-cost loan tailored to the owner's needs.
Home Improvement Program (HIP): Developed in cooperation with private banks and credit unions, HIP loans of up to $30,000 are made to owner/occupants of one- to four-family homes located throughout the City who wish to improve their properties. The City provides a grant which reduces the bank's interest rate to 2.5% or 5%, depending on the borrower's income.
Contact: (212) 863-6429
Home Improvement Program Loan Application (in PDF)
Neighborhood Housing Services (NHS): In partnership with Neighborhood Housing Services of New York City, this program provides the following direct, low-interest home improvement loans to owners of one-to four-family homes in the five boroughs.
- Emergency Repair Loans: loans up to $10,000 to correct health and safety-related emergency situations such as roof leaks, water main breaks or heating system repairs of the subject building in the five boroughs.
- Revolving Loan Fund (RLF) Core Loans: loans for large repairs and renovation of the subject building in selected neighborhoods.
- HIP Options Loans: loans made to homeowners who have been turned down for a city-sponsored Home Improvement Program loan due to their insufficient income or credit history.
Contact (NHS): (212) 519-2500