Neighborhood Housing Services provides programs that are focused on four major areas of activity:
Administration of low - cost loans to finance home improvement, purchase, and rehabilitation
We also provide one-on-one financial counseling, foreclosure intervention and financial assistance for homeowners who are at risk of foreclosure.
Pre Purchase Education and Assistance
Homeownership Educational workshops:
This program offers seminars, home buyers clubs and community presentations,
NHSJ educated more than 18,000 residents on the home buying process. These workshops and sessions provide information
on predatory lending and foreclosure prevention and information on how to access affordable products and services.
Since 1974 NHS of Jamaica has facilitated $84,300,248 in first mortgages for a total of 600 families, and extended
$890,000 in Forgivable loans to forty-one low-income families to help underwrite the cost of their first homes.
HomeFirst Grant Down Payment Assistance Program
Neighborhood Housing Services of Jamaica, Inc. in connection with Department of Housing Preservation and Development
(HPD) are offering the HomeFirst grant Down Payment Assistance program. It provides qualified homebuyers with up
to 6% of a home's purchase price toward the down payment or closing costs on a 1-4 family home, a condominium,
or a cooperative in one of the five boroughs of New York City.
Home Grant Down Payment Assistance Program
Neighborhood Housing Services of Jamaica, Inc. offers up to $30,000 grants to first
-time homebuyers who need down payment and closing cost assistance in the purchase of a 1-4 family home, a condominium, or a cooperative
in QUEENS ONLY.
To qualify for all NHS of Jamaica grants, a prospective homebuyer must meet all of the following criteria:
Be a first-time homebuyer
Complete a homebuyer education course taught by NHS of Jamaica, call the office for dates and times
Have a one on one consultation with a NHS of Jamaica homeownership counselor, call the office for consultation appointments
Have his/her own savings to contribute to the down payment or closing costs
Meet program income eligibility requirements (See below for income guidelines for each grant)
Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City FOR HomeFirst grant and in Queens for Home Grant
Live in the home purchased for at least 10 years
HPD Home First Grant and Home Grant Income Guidelines
|Family Size||Max. Household Income
|1-person household|| $44,350
|2-person household|| $50,700
|3-person household|| $57,050
|4-person household|| $63,350
|5-person household|| $68,450
|6-person household|| $73,500
|7-person household|| $78,600
|8-person household|| $83,650
Family size and household income based on area median income (AMI) calculations established by the U.S. Department of Housing and Urban Development (HUD) effective as of May 14, 2010. *Income limits will be adjusted for family size.
Federal Home Loan Bank First
Home Club Matched Savings Program
NHSJ is pleased to introduce the First Home Club matched savings program, available for prospective home buyers in New York State. Financed by the Federal Home Loan Bank of New York, this program allows qualified first-time home buyers to earn $4 in grant monies for every $1 saved over a 10 to 24 month period. As a result, potential home owners can obtain a maximum grant of $7,500 for opening an account at HSBC Bank USA or M&T Bank, and save $1,875 through regular monthly installments. At the conclusion of the program, the applicant/depositor will have funds totaling as much as $9,375 to go towards the down payment and closing costs for the purchase of a home.
Highlights of the program:
1. First-time homebuyer. A first-time buyer is defined as anyone who has not owned a home for three (3) years. Single parents and displaced homemakers who owned or resided in a home with a spouse during the last three years are also first-time home buyers.
2. Maximum Grant. The maximum grant allowed is $7,500. This means that the $4 matching funds will be provided for the first $1,875 saved.
3. Length of the plan. The length of the savings plan runs from 10 to 24 months.
4. Income limits*. See bellow for max income limits.
5. Mortgage application. As a participating First Home Club lender, HSBC Bank or M&T Bank will help you open your savings account and provide assistance in the mortgage application process.
6. Home Buyer Education. You must complete a homebuyer education course from NHSJ before the mortgage commitment expires. This program assists first-time home buyers in the areas of financial planning, monthly budgeting, the home buying process and other related topics.
* New York Income Limits;
1 & 2 Person Household $73,728
3+ Person Household $84,787
For the following counties; Kings, New York, Queens, and Bronx
To find out more information about this exciting new program, please contact Neighborhood Housing Services of Jamaica Inc.
at 718-291-7400 or Tannia.Gordon@nhsj.org
DHCR (IDA) Savings Program with Matching Funds
The IDA program was established through grant funding from the U.S. Department of Health and Human Services, Administration for Children and Families. The IDA program is a matched savings program, and for every dollar you save, you will be matched $4.00. You can save up to $1,875 for up to 36 months and matched up to $7,500, totaling $9,375 available for down-payment or closing costs assistance towards the purchase of your first home. There is also a minimum matched-savings plan available of $25.00 per month, with a maximum match value of $3,600. If you use this minimum savings plan for 12-24 months, you could accumulate between $1,500 and $4,500 combined savings and the match towards the purchase of a home.
Some of the requirements (but not all) for the IDA program are as follows:
For year 2009, You must have earned income totaling no more than:
· $21,660 per year for a household of 1
· $29,140 per year for a household of 2
· $36,620 per year for a household of 3
· $44,100 per year for a household of 4
· $51,580 per year for a household of 5
· $59,060 per year for a household of 6
-OR- you must qualify for Earned Income Tax Credit (EITC) or TANF-eligible.
1. The net worth of your assets must be no more than $10,000, excluding one (1) car.
2. You must complete and sign an IDA application and enrollment kit. You may also be required to attend an IDA briefing session.
3. Attend Homebuyer Workshop at Neighborhood Housing Services of Jamaica Inc.
4. Section (8) families can also apply.
5. All applicants must be first time home buyer.
6. Attend a one on one counseling session with a Neighborhood Housing Services of Jamaica Inc. Homeownership Counselor.
To find out more information about this exciting new program, please contact Neighborhood Housing Services of Jamaica Inc. at 718-291-7400