INFORMATION ASKED FOR FROM CDCLI ON THE BRIDGE LOANS COMING AVAILABLE EARLY NEXT MONTH. Bridge Loan for New York Rising Recipients Key Facts about the Loan Product This is a loan for residents who have received a New York Rising Award letter, but are awaiting received rebuilding funds from New York Rising. This bridge loan allows the resident to start or continue rebuilding in conformance with the New York Rising work scope while awaiting funds, and then repay the bridge loan upon receipt of funds. This bridge loan is for families with substantial damage. • Loan of up to $150,000 available for home repair/rebuild damage caused by superstorm Sandy and documented on New York Rising approved work scope • Interest rate will be 0% • Household income cannot exceed 120% of the Long Island AMI • The agency DCM must present the homeowner case to the UNRT for consideration prior to application • Loans will be secured by a lien on the home, to be removed after full repayment • Homes must be owner occupied, single or legal two family • Homes must be in Nassau or Suffolk County • Term of the loan is 1 year with a 1 year renewal at which time there is a balloon for full amount due • Payment is due within 30 days of borrower receiving the New York Rising award • If payment is not made within 30 days of receipt of New York Rising funds, an 8% penalty will be applied • Homeowner can owe more than the home is worth • Loan funds may not duplicate other means of support, including: Homeowners Insurance, Flood Insurance, FEMA support • No application or closing cost fees (underwritten by private donors) • Loan check is written to homeowner and contractor jointly based on an agreed-upon schedule of payments Eligibility for Loan To be eligible to apply, all applicants must document their Sandy damage and New York Rising award and accompanying workscope. Elements of this documentation must include (additional items may be requested): • Income and Asset information (2013 income tax return, list of assets, needs statement, 2 months of bank statements, monthly household budget) • NYS CDBG-DR Status information (NY Rising award letter, proof of file completion with NY Rising) • Property Eligibility information (proof of homeownership, everyone on deed must sign loan application) • Scope of Work/Vendor Verification (NY Rising scope of work, contract with vendor must match NY Rising scope of work, documenting completion of any prior work done that was funded by New York Rising) • Proof of current, active engagement with an agency Disaster Case Manager (DCM)
Posted on: Sat, 15 Nov 2014 02:45:59 +0000
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