Housing

Distressed NYC Homeowners Find Help—From City Hall

Through a special fund, New York City buys up delinquent mortgages to help homeowners and stabilize neighborhoods.
Lucy Nicholson/Reuters

When Steven McDonald moved to the United States from Jamaica, he and his brother dreamed of owning a home. For two decades they saved and hoped until, in 2011, they were able to buy a two-family house in Springfield Gardens, Queens.

It was a perfect fit: walking distance from the LIRR and close to a park where McDonald’s son could play. “The minute we pulled up to check it out, we knew, yeah—if this is within our budget, this is it,” McDonald said.