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Directory of NYC Housing Programs

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Mortgage Assistance Program

Program (?) Mortgage Assistance Program
Abbreviation MAP
Program Description

The Mortgage Assistance Program (MAP) provides loans of up to $25,000 to households at risk of foreclosure. MAP loans can support principal reduction, payment of mortgage arrears, and payment of principal of second liens. In order to be eligible, a borrower must reside in one of HPD’s targeted neighborhoods (selected due to high foreclosure rates) and earn no more than 165 percent of AMI. In addition, a HUD-certified foreclosure prevention counselor must conduct an assessment of the borrower’s financial circumstances and determine if the borrower is eligible for the loan, based on established underwriting criteria. Counselors must also certify that a borrower will have an affordable housing cost burden (paying 30 percent of income) after receiving a MAP loan.

Benefit Classification (?)  
Supply or Demand Demand
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2010-Present
Developer/Owners (?) Owner-Occupant
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type One- to Four-family
Construction Type Not Applicable
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Middle-Income
Other Targeting Information (?) Geographic Restrictions
More Information NYC HPD
Available on CoreData.nyc? No

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