Program Purpose

The Landlord Ambassador Program provides free technical assistance to owners of small multifamily properties to stabilize their property and access various forms of City financial assistance. The program emphasizes early intervention for owners struggling with financial and/or physical issues and potentially at risk of enforcement actions.

Enrolled property owners will be eligible for technical assistance services provided by the Landlord Ambassador at no cost.  If an owner has vacant units in their building, each unit is eligible for up to $10,000 in grant funds for repairs.  Any funds above $10,000 per unit will be lent to the property owner through the existing LAPFF, in accordance with the LAPFF term sheet. LAPFF would help fund emergency repairs, vacant unit repairs above $10,000, as well as arrears to help owners stabilize their buildings.

The program is meant to aide owners who may lack the knowledge and experience necessary to navigate government programs and private banking institutions (particularly non-predatory) to obtain the assistance they need to maintain ownership of their properties.

Home Fix

HomeFix will expand home repair resources for NYC homeowners and move towards a more coordinated approach for service delivery. HomeFix will provide affordable low-interest and forgivable home repair loans with financial counseling.

Loans Will Address

Capital Repairs:
Building system(s)
Housing deficiencies
Conditions which may be hazardous to occupants/residents.
Emergency Repairs
Aging-in-place Retrofits

Details

Affordable HomeFix loans ranging from non-interest bearing, low-interest (0%-5%), to loans closer to market rates. Some loans will be forgivable.
Applicants will be matched to products based on income level, debt-to-income ratio, credit score, age, and other factors.
Will serve approximately 300-450 homes over a three-year period.
Loans of up to $60,000 per single family home, with an additional $30,000 per additional residential unit. Maximum loan amount of $150,000 for a four-family home.