HUD COMPLETES DIRECT SALE OF STATE OF NEW YORK SINGLE FAMILY MORTGAGE NOTES

摘要

HUD has completed a direct mortgage note sale with the State of New York and a non-profit partner to support the revitalization of vacant and abandoned properties and reduce neighborhood blight The sale included 70 mortgage notes for single family homes located in cities and towns throughout the State of New York that are vacant or abandoned, and with mortgages that were 90 or more days delinquent The sale agreement includes provisions that the notes should be held and resolved in ways that promote affordable housing, reduce neighborhood blight, and align with HUD's mission to strengthen neighborhoods. The transaction was completed with NJCC-NYS Community Restoration Fund Ⅱ LLC (CRF), a limited liability company comprised of the State of New York Mortgage Agency and New Jersey Community Capital, a non-profit entity. CRF will be able to leverage its public-private partnership in a way that resolves the delinquent mortgages and revitalizes the vacant and abandoned mortgaged properties.