Restoration loan program
Hi, I own a brownstone in Bed Sty and about 3 years ago, in the middle of the renovation, I received mailing from a semi gov’t organization that is trying to protect the look of traditional brownstones. In particular, if the building and the area qualified, they offered small loans to renovate the facing and…
Hi, I own a brownstone in Bed Sty and about 3 years ago, in the middle of the renovation, I received mailing from a semi gov’t organization that is trying to protect the look of traditional brownstones. In particular, if the building and the area qualified, they offered small loans to renovate the facing and replace the windows in such a way as to ensure the traditional “look.†They have specific contractors they deal with and they oversee the work and disburse the money directly to these contractors. I actually talked to someone in the office. But, I lost the mailing and cannot remember the name of the organization. Any help would really be appreciated.
Lee – just give them a call. We took the loan 7
years ago, so I can not be certain who qualifies
for the loan. But we had a good experience with
them. They will spend time with you and explain how it works.
Thanks so much. The organization was indeed the New York City Historic Properties from the New York Landmarks Organization. They actually had a record of my earlier call and were very helpful. The work I need done isn’t a big enough job to qualify for their program, but I’m getting some contractor names from them which will really help.
mg – I live in a landmark neighborhood brownstone converted into an 8 family. We want to redo out brownstone facade. From your experience do you think we’d quilify for a loan through the historic properties fund? The low interest rate would certainly allow us to move our project start date forward since we can’t currently afford the loan to do the work.
I have a loan from New York City Historic
Properties Fund, Inc. c/o New York Landmarks
Conservancy
number 212 995 5260.
Very legit. They have a bunch of contractors which are approved to do facade work and they are the best
I know. Call them.
Is this what you mean?
http://www.nylandmarks.org/organizations.php3?orgid=79&typeID=643&action=printContentItem&itemID=5039
AFAIK this Landmarks Conservancy loan program IS legitimate
Also check with NHS – Neighborhood Housing Services. They can refer you to many legit home improvement loans, and if you qualify, there are also special low interest loans available for certain neighborhoods.
I wouldn’t trust any organization that I didn’t check out, especially one that arrives in the mail.
The city also has some loan programs available throught HPD. Check the city website, or ask at NHS.
I have to second the caution. You take out the loan (perhaps in the form of a second mortgage) and then they pay the contractors directly? Contractors they pick? Sounds like they are loaning money for you to pay them back to get reonvations which may not be worth what they are saying. Far better to determine what imrovements you need, then seek bids and then seek a loan on your own. Many scam organizantions have names which suggest they are governmentally sponsored but are not. I recently received a similar mailing and I put it right in the trash.
There are legit programs like this for certain Bed Stuy residents. Call the Restoration Center or Al Vann’s (Councilman)office. Be warned, you have to be practically destitute to qualify.
Be really cautious…. there are so many loan scams out there today looking to defraud homeowners under the guise of improvement loans, etc…
Something sent up a red flag as you were describing the mailing that you had received.
Be really careful.