Brick Underground, an independent digital media publication covering New York City real estate, featured an article about a philanthropic donation from an FJC donor to the Center for New York City Neighborhoods. 

The article, Housing Nonprofit Secures $1 Million to Extend Foreclosure Prevention Program, describes the impact of a $1 million grant, made anonymously, which will fund 0% interest loans to low-income homeowners pay off arrears and avoid foreclosure.

CNYCN provides loans of up to $50,000 to pay off an owner’s arrears, which is repaid when they sell the property, refinance, or die, said Scott Kohanowski, general counsel for CNYCN. The program, which is only open to New Yorkers over the age of 62 or those with disabilities, has helped 128 households through $3.5 million in loans to date, Kohanowski added.

“The idea is to prevent the loss of a home when homeowners have no other source of potential funds,” Kohanowski said. “It’s money that we’re able to recapture and recycle when the need is no longer there, and we pass that same source of funding onto the next person in need.”

Read the full article here.

Read more about how this grant came about on FJC’s web site.