NYC Launches Anti-Foreclosure Effort

New York City has announced the launch of The Center for NYC Neighborhoods, a not-for-profit organization created "to assist homeowners at risk of mortgage foreclosure throughout the five boroughs."Its projected first-year budget of $5.3 million is expected to assist 18,000 New Yorkers. According to city officials, it will be the largest program of its kind in the nation. Mayor Michael R. Bloomberg and New York City Council Speaker Christine Quinn announced that funding in the first year includes $1 million from the administration via the Department of Housing Preservation and Development and $1.8 million from the City Council. In addition, the city said the program planning committee is seeking philanthropic support, which is expected to provide the remainder of the funds from private and foundation sources. The program will operate as an independent entity dedicated to "a major expansion and coordination" of counseling and referral services, legal assistance, loan remediation, preventive outreach, and education, training, research, and advocacy around subprime lending and mortgage foreclosures.