Mrs. Helfenbein pictured above, used a Rehabilitation Loan to make needed disability-access improvements on her West Hempstead home, including a new ramp leading into the entrance, adjusting the height of her kitchen counters and appliances, and widening hallways through the house.
Many of New York City’s low and moderate income families are often living in old and dilapidated buildings that are in desperate need of renovation and refurbishment. The dire costs for such repairs, however, are often beyond their financial capabilities.
In response, AAFE Community Development Fund created the Rehabilitation Loan program to provide low interest loans for needed home repairs to owner-occupants of 1-4 family homes in New York City. We offer up to $50,000 in low interest loans and will work with you to facilitate the loan process. In addition, 100% of the loan amount will be available to you at closing.
Some examples of homes in need of rehabilitation and repairs.
Eligibility
To qualify for this loan, a prospective client must meet all of the following criteria:
- Own a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City.
- Meet the income eligibility requirements.
- Must receive individual counseling from an AAFE CDF Homeownership Counselor.
- Loan must be used to fix substandard conditions, such as masonry.
Who will be assisting me throughout the loan process?
Our loan services are conducted on a one-on-one basis with one of our trained and HUD-approved Housing Counselors.
How can I apply?
If you are eligible and would like to apply please Contact Us call (212)-964-2288.
