Historic Louisiana floods a reminder to homeowners to check insurance coverage

Last week’s tragic floods in Louisiana have caused 13 deaths, damaged more than 40,000 homes, and displaced tens of thousands. While initially underreported by the national media, the storm is being called the worst natural disaster since Hurricane Sandy. Unfortunately, the devastation caused by the flooding will be much harder to recover from for the […]

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Coalition for Affordable Homes celebrates achievements of 1st year

A year ago, more than two dozen organizations proclaimed that New York City’s neighborhoods are the “bedrock of its success” as they set forth an ambitious agenda for protecting affordable homeownership. The Coalition for Affordable Homes, as it named itself, aimed to leverage the collective strength of 26 organizations to influence policy in order to […]

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Groundbreaking policies to benefit NYC homeowners at risk of foreclosure

New York homeowners at risk of foreclosure will benefit from two promising developments announced last week: the groundbreaking purchase of New York City mortgage notes from the Federal Housing Authority and new reforms to the federal government’s Distressed Asset Stabilization Program. The New York City mortgage purchase initiative is notable because it is the first […]

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How one couple lost their condo, but found a new home in the Bronx

Carmen and Ricardo Ramirez had been living the American Dream of homeownership in Washington Heights when the recession interrupted it. As recounted by The Associated Press in a recent story marking a decade since the housing crash, the couple had been managing the payments for the $299,000 adjustable-rate mortgage on their one-bedroom condominium in Upper […]

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Big victories and one major defeat for the NY State housing agenda

The end of New York State’s legislative session is always an action-packed time, and this year did not disappoint, with lawmakers working into the early hours of Saturday morning on June 17, while advocates labored to keep New York’s housing needs on the agenda. Ultimately, the final results include several victories and one major defeat: […]

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How one New York homeowner triumphed over foreclosure

For Pamela Litzsey-Thomas, going into foreclosure on her Niagara Falls home was just another in a series of financial setbacks that included losing her job and getting inundated with medical bills after she was struck by a bus. “I just kept feeling like I was being slapped in the face,” she said. But Litzsey-Thomas refused […]

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How to defeat the blight of ‘zombie homes’ in New York

Thousands of “zombie homes” continue to blight communities across New York, but housing advocates are praising the Assembly’s recent passage of legislation that would go a long way toward attacking the problem. But some policy experts also say the legislation, which now faces a battle in the Senate, provides only some solutions to the problem. […]

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‘Nudging’ homeowners through loan modifications with text messages

For many homeowners working to get a loan modification, just staying on top of deadlines and paperwork can be tedious, complicated, and overwhelming — even when they are working with a professional housing counselor. That’s why the Center for NYC Neighborhoods is partnering with Neighborhood Housing Services of Bedford-Stuyvesant on an innovative one-year pilot program […]

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Black and Hispanic neighborhoods haven’t benefited from market rebound

In a previous blog post, we showed how nearly a decade after the Great Recession many black homeowners in the city owe more on their mortgages than their property is worth. Homeowners in these “underwater mortgages” are unable to begin to build wealth and are more likely to end up in foreclosure. This time, we’ve taken […]

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