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City Seeks to End Funding to Forclosure Crisis Program

Tuesday, March 10, 2009

The city wants to eliminate funding for an organization it helped create to deal with the foreclosure crisis. The Center for New York City Neighborhoods coordinates financial and legal services for struggling homeowners. The program has a small budget of about $6.5 million -- $1 million comes from the city's Housing Department.

Brooklyn city councilman Lewis Fidler says cutting that money sends the wrong message to private foundations that supplement the program with millions of dollars.

FIDDLER: "And I'm sure that the foundations, all of which are financially stressed, rely on the fact that there is a partnership with the public for this. Why would they commit their $4.5 million if the Mayor is pulling out his million."

REPORTER: Housing officials say the city intended to provide seed money for the foreclosure program, then it would be supported by private fundraising. They say the city is applying for federal grants to help support the program.

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