Do you live in New York City, and are dreaming of remodeling your home or place of business? You may very well be in luck, because there are several loans available just for people in this area. Loans are an excellent way to handle the big bill of remodeling all at once without feeling too much of a strain. When it comes to remodeling your place of business, you may even want to make strategic changes which could yield more profit in the end. In any case, taking out a loan for interior or exterior improvement can be an excellent investment, whether it’s for your income or your quality of life. We’ve dug up and listed a few of the best and most accessible remodeling loans available in the New York area to make this decision easier for you:
- Multifamily Housing Rehabilitation Program
Provided by the Office of Development, Division of Preservation Finance, The Multifamily Housing Rehabilitation Program offers loans to owners who want to undertake improvements to already standing buildings. It is typically limited to upgrading or replacing major building systems. This is great for someone looking for a roof replacement, or upgrades to heating, electrical or plumbing systems. Eligible persons or parties may include partnerships, corporations, joint ventures, individuals and housing development fund corporations.More Info are available here.
- Home Improvement Program
Provided by the NYC Dept. of Housing Preservation and Development, this program offers loans to help income-eligible home owners of single-to-four-person family homes pay for repairs to masonry, roofs, plumbing and other repairs. Interest rates will vary, depending on the size of the family and the income of the owner. More Info can be found here.
- Neighborhood Housing Services
Offered by private banks and credit unions, this program works to provide low-interest improvement loans for one-to-four family houses in the New York Area. Loans offered include emergency repair loans, revolving loan fund and Home Improvement Program Options. Emergency repair loans can offer up to 10,000 for repairs in health-and-safety related emergencies in the home. The revolving loan fund focuses on large repairs and renovations, and the Home Improvement Program Options loans are for homeowners who have been turned down by the Home Improvement Program because of a lack of income. More info are available here.
- Supportive Household Loan Program
Provided by the NYC Department of Housing Preservation and Development, this loan program helps house those in need. Eligible populations include homeless single adults who are living with a disability, including mental illnesses and substance abuse. In addition, the Supportive Household Loan program funds housing for seniors and youths out of foster care or other persons with barriers to self-sustainment. This loan program also assists projects whose goals are to house the needy population. More info can be found here.