Infinite Horizons, LLC’s civic-minded mission in addressing the foreclosure problem becomes beneficial because it allows the company to partner with nonprofits and municipalities to assist with the rehabilitation of foreclosed properties. This partnership is strategic due to the availability of public financing provided by the HomeFirst Downpayment Assistance Program in conjunction with the Housing Finance Agency’s Neighborhood Stabilization Program for organizations looking to target first time home buyers and rehabilitate/purchase foreclosures. The HomeFirst Downpayment Assistance Program has already assisted more than 200 low- to moderate-income households (Proposed Consolidated Plan 2008 Volume 1).
This partnership gives Infinite Horizons, LLC an advantage in providing our product at a lower price than most competitors by accessing this grant. Many nonprofit organizations maintain listings of prequalified buyers interested in purchasing homes that can be accessed to market future homes.
The Neighborhood Stabilization Program grant would reduce the final sales price to qualified buyers based on their income, making the property affordable. The subsidies are used to assist low- and moderate-income households earning less than 120% of Average Median Income, making this the targeted income amount as defined by the program. This grant is specifically created, along with grants from the New York State Affordable Housing Corporation to assist municipals, nonprofit, and private organizations in collaborating to address foreclosures throughout New York City.