Just about two years ago the City began a pilot program to help distressed homeowners avoid foreclosure. The partnership, funded by a number of banks, Fannie Mae, Freddie Mac, and administered in partnership with a number of neighborhood and citywide housing nonprofits and legal service organizations, has been active in a number of targeted neighborhoods, primarily in Brooklyn and Queens. PACE, as the pilot is known, was rolled out to the northeast Bronx last year in partnership with Neighborhood Housing Services of the North Bronx.
Through the program, homeowners in targeted neighborhoods could call the City's non-emergency information line (311) and speak to someone about their mortgage problems. The intake person at the City would then refer the person out to the appropriate neighborhood group for counseling, loss mitigation, and/or legal assistance.
UNHP's report on the State of Homeownership in the Bronx (April 2006) offered a number of ideas for expanding PACE citywide so areas like the West Bronx (that have no homeownership counseling groups) could get access to resources. According to an article in City Limits, it looks like PACE will finally expand to the entire city in 2008 (and not a moment too soon).
In the meantime, West Bronx homeowners in distress can contact UNHP to find out about resources to help avoid foreclosure.
Wednesday, September 5, 2007
City's Foreclosure Prevention Efforts to arrive in the West Bronx for 2008
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