The Center for New York City Neighborhoods, Inc. (CNYCN) was created to address the local repercussions of the national foreclosure crisis. Through comprehensive citywide programming that includes legal services, housing counseling, and consumer education, CNYCN pursues multiple strategies to assist those at risk of losing their homes to foreclosure - both homeowners and renters alike. CNYCN seeks to support distressed homeowners retain their equity, and preserve New York City neighborhoods by limiting the negative impacts of foreclosure, property flipping, and abandonment. CNYCN is funded through grants from government agencies, foundations, and financial institutions (for more information about our supporters, click here), and was incorporated in 2007 as a not-for-profit corporation under the laws of New York State. CNYCN is a 501(c)3 charitable organization.
CNYCN grew out of efforts by local leaders to create a systemic response to rapidly rising mortgage defaults and foreclosure filings, particularly in communities hardest hit by subprime and other unconventional loan products. The City of New York has a strong track record of successful government and nonprofit interventions to address pressing community needs, and worked in partnership with non-profit organizations, financial institutions, and private foundations to create a vision for what CNYCN could be.
CNYCN's activities include:
- Raising over $7 million to support housing counseling, legal service and consumer education nonprofit throughout New York City to expand and enhance their programs.
- Creating a process to award, support, train, and coordinate many nonprofit partners to act as a single system in responding to this crisis.
- Coordinating with 311 to create a streamlined process for those seeking support to find free, local foreclosure prevention advice and counsel. For more information on finding support, click here.
- Developing strategies to acquire foreclosed properties from lenders and servicers, rehabilitate them, and sell them again as affordable homeownership opportunities for qualified owner occupants.
- Initiating a pilot program in the Queens court system with the Office of Court Administration to support homeowners in preparing to meet with lenders and servicers in "settlement conferences" to negotiate a resolution to a pending foreclosure action.
- Seeking to create a nonprofit mortgage brokerage in partnership with Neighborhood Housing Services of New York City so that homeowners who choose to sell their homes can have the benefits of better consumer protection and reduced costs.
For more information on these and other activities, we urge you to contact us.