STATEN ISLAND, N.Y. — If you’re rehabbing your home or need to make some emergency repairs, you might qualify for a substantial New York City-funded loan. Neighborhood Housing Services of NYC has launched an affordable loan program designed to help New York City homeowners make necessary repairs and improvements to their property — and the funds come with a 15-year fixed rate term.
“Through lending, financial literacy, and housing counseling services, Neighborhood Housing Services of NYC, Inc. empowers New Yorkers to purchase and preserve affordable housing opportunities,” the city agency noted on its website. “Our ultimate goal is to support the realization of the best quality of life possible for each resident, starting with a stable home.”
The organization, commonly referred to as NHSNYC, has established two key programs available across all five boroughs: The Homebridge Program for moderate to substantial rehabilitation projects, and the Rapid Repair Program for emergency repairs.
Homebridge offers loans between $20,000 and $30,000 for home improvement projects with up to 15-year fixed-rate terms. Eligible properties include one- to four-family homes, cooperatives, and condominiums. The program requires a minimum FICO credit score of 620 and allows up to a 95% total loan-to-value ratio. Loans are available on either an income-based or census tract-based qualification system, and properties must be owner-occupied primary residences.
For homeowners facing emergency repair situations, the Rapid Repair Program provides $10,000 loans specifically for critical issues, such as boiler replacement, roof repairs, water main breaks, plumbing, electrical work, window replacement, and accessibility modifications including wheelchair ramps and safety grab bars. These loans come with a five-year fixed-rate term at 6% interest and are available only for one- to four-unit properties.
Beyond these repair programs, the agency also offers broader financial services, including affordable loans for home purchases, down payment and closing costs assistance, refinancing options, and other home improvement financing. Services extend to various property types within the New York metropolitan area, including multi-family buildings with up to 20 units. Specialized cooperative housing such as Mitchell-Lama and Housing Development Fund Corporation, better known as HDFCs —both designed to provide affordable housing to moderate- and middle-income residents— are also included.
Homeowners interested in applying for either the Homebridge or Rapid Repair programs can download and complete an intake form on the agency’s website, accessible at nhsnyc.org/lending-services, then email it to Lending@nhsnyc.org.
