Is there anything to assist with first-time homebuyers? This program is not available directly through the City. However, the State of New York Mortgage Agency (SONYMA) offers five mortgage programs to assist first-time homebuyers with the purchase of a home in New York State. Call SONYMA Information Hub: 1-800-382-HOME (4663) or go online to SONYMA First Time Homebuyers
Amnesty Program FAQs
What is amnesty? Amnesty is the City's policy, effective January 25, 2010, to forgive mortgage loans made with New York State Office of Community Renewal and the United States Department of Housing and Urban Development, Community Development Block Grant (CDBG) funds for home purchases for low to moderate income households. The amnesty policy enables the City to release its lien on any owner-occupied property where the note is older than 5 years. On notes that are less than 5 years in maturity, the City will suspend payment requirements and reduce the amount of debt owed by 20% per year until year 5, when the note will be forgiven.
How do I know if I am eligible for amnesty? Owners who have an owner-occupied, residential property with a City held lien against it where the note/lien is older than 5 years or, owners who have an owner-occupied, residential property with a City held lien against it where the note/lien is less than 5 years old, but matures at a date that extends beyond a 5 year period are eligible. Owners of non-residential or non-owner-occupied property are not eligible. Amnesty applications are available online by clicking here: Amnesty Application (PDF), or in the City Planning Office. You can read more information here: Amnesty Handbook (PDF)
Is there a fee to apply for amnesty? Yes, there is a $150 non-refundable fee.
Mortgage Subordination FAQs
What is mortgage subordination? Mortgage subordination is when a current mortgage holder agrees to allow a new mortgage (i.e. remortgage) to be placed against the property ahead of the current holders position. This shuffling of mortgages and positioning is done all at the same time. The mortgage position is determined by the date (oldest mortgage has 1st position) unless a subordination agreement is filed.