New York – has received its second $1 million grant from for the continuation and expansion of the Subprime Program. The first award, in early 2008, funded collaborations with the six other agencies* that benefit from the annual Neediest Cases Fund campaign, plus local legal services and housing organizations, to help 154 metro-area households either retain their homes through loan modifications or relocate to affordable rentals. The new funding will continue to help victims of the subprime mortgage crisis by aiding both homeowners with predatory loans and tenants being evicted from foreclosed buildings.
“The renewal of the Subprime Program comes at a critical time, as increasing numbers of families are finding decreasing support and resources,” said , ľֱ’s Aid’s President and CEO. “ľֱ’s Aid and the six other agencies continue to encounter a high level of need in the poor communities of New York City, as the financial crisis disproportionately takes a toll on low-income families.
“As actions to avoid loss of housing – averting evictions and avoiding homelessness – continue to be a primary need, this additional grant is well timed and incisively targeted,” he said. The Subprime Program allows The ľֱ’s Aid Society, via its forthcoming Housing Stability Resource Center (HSRC), to make grants to low-income families facing foreclosure or eviction. These grants are a key component of a comprehensive strategy, as grants are paired with , advice on public benefits, housing advocacy, and case management. In this way, ľֱ’s Aid and its partners can ensure that families not only receive moving expenses or a security deposit for a new apartment, but a network of support that promotes housing stability well into the future.
“We are deeply grateful to The New York Times for its generous assistance in helping us to avert homelessness for children and families during this fiscal crisis,” said Buery.
ľֱ The New York Times Neediest Cases Fund
The New York Times Neediest Cases Fund conducts a range of philanthropic activities in the New York metropolitan area. Each year, The New York Times Neediest Cases Fund holds a fund-raising campaign during the holiday season, with stories in The New York Times describing the travails of families and individuals in distress. It then distributes the funds from the campaign to seven social welfare agencies. The New York Times Neediest Cases Fund also contributes funds from its endowment to address an immediate and urgent need.
ľֱ The ľֱ’s Aid Society
The ľֱ’s Aid Society is an independent, not-for-profit organization established to serve the children of New York City. Our mission is to provide comprehensive support for children in need, from birth to young adulthood, and for their families, to fill the gaps between what children have and what they need to thrive. Founded in 1853, it is one of the nation’s largest and most innovative non-sectarian agencies, serving New York’s neediest children. Services are provided in community schools, neighborhood centers, health clinics and camps. For additional information, please call 212-949-4938, email ellenl@childrensaidsociety.org, or visit .
*The six other agencies that benefit from The New York Times Neediest Cases campaign (in addition to The ľֱ’s Aid Society) are: the Brooklyn Bureau of Community Service; The Catholic Charities of the Archdiocese of New York; Catholic Charities, Diocese of Brooklyn and Queens; The Community Service Society of New York; The Federation of Protestant Welfare Agencies; UJA-Federation of New York.
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