Moderate-income homes supported by organizations like LISC defy foreclosure trend

 

Of more than 60,000 New York homes built or rehabilitated by the city in partnership with nonprofit groups like Local Initiatives Support Corporation, Nehemiah and Neighborhood Housing Services over three decades, fewer than 1 percent have fallen into foreclosure. Denise Scott, managing director of the New York office of the Local Initiatives Support Corporation is quoted.

5 Mar 2010 - Michael Powell | The New York Times

Excerpt:

To walk the streets of Brownsville and East New York, Brooklyn, is to see neighborhoods ravaged by foreclosure, homes boarded up and marshals’ notices taped to doors. Yet in the midst of this pain sit several swaths of well-tended homes, about 3,000 in all, each with a driveway and statuary and garden. Not one of their owners has lost a home.

Five miles away in Jamaica, Queens, another neighborhood hammered by foreclosures, there remain blocks where not one house has been put up for auction in the current crisis. Continued[+]...

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> Visit the NY City LISC website

Article Type: News