Are you a homeowner or a landlord in need of financing for emergency repairs? The Bronx NHS can help! NHS has Emergency Loan programs for: (1) Owner occupants of 1-4 family homes; and (2) Owners of 5-20 residential units or mixed-use properties. In general, NHS provides approvals on Emergency loans within 7 business days from time of application.

The Emergency Loan for 1-4 Unit Owner Occupants provides homeowners with loans and grants to repair water main, boiler, sewer lines, sidewalk violation, roof, plumbing, electrical and eliminate conditions dangerous to health and safety. Other emergency repairs may apply. Currently the maximum  conditional grant/loan amount is $10,000, or $5,263 dollars per unit.

The Emergency loans for 5-20 unit Residential and Mixed–Use buildingsLandlord One is an emergency loan for small property owners, corporations, non-for profit owners, investor, corporations and owner occupants of 5-20 units building in the five boroughs of New York City. Mixed-use buildings qualify as long as the loan is used to repair residential units or systems that affect the residential units. The interest rate to 5% (APR of 6.25%). The maximum loan amount is $25,000 which is available in increments of $10,000, $15,000, $20,000 and $25,000. The funds can be used to: replace building wide systems; eliminate code violations; upgrade vacant apartments; eliminate dangerous health and safety conditions and other essential repairs.

Emergency Loan Programs – Step 1: Gather Documents

Gather the documents below to prepare your loan application:

NHS Emergency Loan Program Document Checklist

1-4 Owner Occupants Emergency Loan

  1. Proof of Ownership
  2. Proof of Income
  3. Proof of Homeowner’s Insurance (declaration page)
  4. Most recent Real Estate Tax, water and sewer Statement
  5. Non-refundable Application Fee
  6. Contractor’s estimate
  7. Other items as requested

5-20 Residential and Mixed-use Buildings

  1. Proof of Ownership
  2. DHCR Rent Registration Summary
  3. Federal Income Tax Return including Schedule E for Individual Owners
  4. Financial Statement including Income and Expense Statement for Corporations and Partnerships
  5. Certificate of Incorporation/Partnership (if applicable)
  6. Most recent Real Estate Tax, water and sewer statement
  7. Non-refundable Application Fee
  8. Proof of Homeowner’s Insurance
  9. Copy of any Mortgage /Note or Satisfaction of Mortgage
  10. Other Items as requested

Emergency Loan Programs Step 2: Make An Appointment

Emergency Loan Programs Step 3: The Loan Process

If your Loan Officer determines that you qualify for the loan as per existing guidelines he/she will instruct your contractor to submit directly to the Bronx  NHS Loan Officer their license, Liability Insurance and Workers Comp Insurance. Upon approval of your loan application by the loan committee, your Loan Officer will notify you of the closing. At the closing you will agree to the repayment terms of the Emergency Loan and authorize the Bronx NHS to pay your contractor on your behalf from the loan proceeds. When your contractor has completed the work, the Bronx  NHS will perform a final inspection. Once the NHS Construction Services unit indicates that the work is complete and the borrower signs off on the payment, the contractor is paid 90% of the project costs. 30 days later the contractor will receive the remaining 10%.

The conditional grant funds is made possible through a $400,000 dollars grant approved by the NYS Affordable Housing Corporation ( AHC).  The government loan fund is coming from NYC – HPD and private funds come from NHS of New York City, which manages the loan fund program.