New York Mortgage Coalition Inc
New York Mortgage Coalition Inc
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About this organization
Mission
NYMC provides low- and moderate-income, minority and immigrant first-time homebuyers with financial literacy education and individual homeownership counseling so they may qualify for an affordable mortgage and build wealth through homeownership.
About
Housing counseling program: NYMC housing counseling agencies provide housing counseling services for over 2,600 clients in 2018. Clients who receive a homeownership certificate of completion must complete a minimum of 8 hours of education; 6 hours in a classroom setting and 2 hours of one-on-one counseling with a homeownership counselor. In 2018 NYMC generated 477 mortgage commitments. 2 out of 3 clients enrolled in NYMC's one-on-one counseling program become mortgage-ready within 6 to 12 months. Since inception, NYMC has provided homeownership counseling to more than 30,000 low to middle income families and helped originate over $1 billion in affordable first-home mortgages.
Interesting data from their 2019 990 filing
The non-profit's mission, as described in the filing, is “The new york mortgage coalition (nymc) is a nonprofit collaboration of financial institutions and community housing agencies focused on expanding the opportunity for responsible and sustainable homeownership to minority, and low and moderate income individuals and families in five boroughs of new york, as well as the surrounding counties of nassau, suffolk, dutchess, orange, rockland, and westchester. nymc supports its neighborhood-based nonprofit members in their pre-purchase counseling, post-purchase education, and financial literacy programs. coalition members provide the public with access to the tools to achieve the dream of homeownership including information on competitive, fixed-rate loans, closing cost grants, and down payments assistance. nymc also supports its member agencies who play a leading role in preserving homeownership offering informational workshops and one-on-one counseling to troubled homeowners through foreclosure prevention programs.”.
When describing its duties, they were characterized as: “Expanding homeownership opportunities for low and moderate income persons and families”.
- The non-profit has complied with legal regulations by reporting their state of operation as NY.
- The filing shows that the non-profit's address as of 2019 is 85 BROAD STREET 17TH FLOOR, NEW YORK, NY, 10004.
- As of 2019, the non-profit has reported a total of 3 employees on their form.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $1,725,887.
- The organization has 22 independent voting members.
- The organization was formed in 2001.
- The organization pays $239,172 in salary, compensation, and benefits to its employees.
- The organization pays $8,448 in fundraising expenses.