Our Annual Impact On Affordable Homeownership
Every year the New York Mortgage Coalition (NYMC) contributes to affordable homeownership by:
- Originating close to $100 million in affordable mortgages.
- Providing homeownership outreach and education to 5,000 low and moderate income (LMI) individuals and families.
- Providing one-on-one homeownership counseling to 3,000 lower-to-middle income individuals and families.
- Closing approximately 500 loans for first-time lower-to-middle income home buyers in the greater New York market.
- Providing over $650,000 in funding to support affordable homeownership and foreclosure prevention
- Programs for eleven community housing agencies.
- 2 out of 3 clients enrolled in NYMC’s one-on-one counseling program become mortgage-ready within 6 to 12 months.
- NYMC’s Homeownership Program is staffed by over 25 trained counselors working out of our 11 nonprofit housing agencies.
- NYMC’s Foreclosure Prevention Program assists over 1,000 distressed homeowners a year.
- Due to a rigorous, comprehensive pre-purchase counseling program, the foreclosure rate on over 5,000 loans originated through NYMC is less than 1.0%.
- Since 1993 inception, NYMC has provided homeownership counseling to more than 30,000 lower-to-middle income families and helped originate over $1 billion in affordable first-home mortgages.