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Sweat Equity (HCR)

Program (?) Sweat Equity (HCR)
Alternative Name(s) Habitat for Humanity
Abbreviation HCR
Program Description

Sweat Equity is overseen by the non-profit organization Habitat for Humanity and works in partnership with HCR’s SONYMA. SONYMA provides a two percent fixed interest rate mortgage to homebuyers, who in exchange must work 200 hours or more on the construction of their buildings, and put a one percent down payment toward the purchase price of the home. In addition to the down payment, buyers make monthly payments equal to one-third of their incomes. Only low-income, first-time homeowners with credit scores above 620 are eligible.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) State of New York Mortgage Agency
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Developer/Owners (?) Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Building
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Very Low-Income, Low-Income
More Information NYS HCR
Habitat for Humanity (PDF)
NY Times
Available on CoreData.nyc? No

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