Landlord Training for owners of 2-4 unit buildings

NHSJ’s Landlord Training class is a two-hour seminar covering the basics of life as a landlord in New York City. Many people these days purchase a multi-unit house thinking that the rental income will help pay the mortgage. All too often, however, these buyers fail to consider the complications of being a landlord, such as: choosing the right tenants; planning for your legal, financial and maintenance obligations; getting the tenants to pay the rent on schedule; and evicting tenants who don’t pay. The NHS Landlord Training class covers all that and more.

Most, but not all, NHS offices provide Landlord Training classes. The fee for the course is $100.00, which includes class materials. Click here for the list of offices where Landlord Training is available and the schedule of upcoming classes.

Loans for Landlords

NHS offers a variety of loans for landlords, depending on the size of the building and your needs:

For owners of 5 – 20 unit buildings or mixed-use properties, NHS offers:

• Landlord ONE Loans – With support from the New York State Housing Finance Agency, NHS offers a low-cost loan to landlords to repair or renovate apartments and keep properties in habitable condition. The maximum loan amount is $20,000 and the term is generally five years. Currently, the Landlord ONE loan interest rate is 1%, or an annual percentage rate of 1.84%. Individual landlords, corporations, partnerships and non-profit owners are all eligible. NHS Construction Services help is available for scope of work, cost estimation, securing bids and contractor selection. Loans may be used to:

• Eliminate code violations
• Repair or replace boilers
• Repair or replace roofs
• Make emergency repairs
• Remove health or safety hazards
• Upgrade windows and doors
• Purchase new appliances
• Other approved repairs or renovations

For more information, please call (718) 732-8008.

Moderate to Major Renovation Loans – These loans are generally for $75,000 - $800,000. They feature interest-only payments during the construction phase, and a low fixed-rate interest rate after the construction phase. Individual owners, non-profit owners, partnerships and corporations are all eligible. NHS Construction Services help is available for scope of work, cost estimation, securing bids and contractor selection. For more information, please call (212) 519-2530.

For owners of 2 – 4 unit buildings or mixed-use properties, NHS offers:

Emergency Home Repair Loans – These loans are for owner-occupied buildings only, for up to $10,000. The term is generally five years. Funds might be used to repair water main leaks, roof leaks, broken stoops or sidewalks, etc. There are income restrictions on these loans.

Moderate Home Repair or Improvement Loans – These loans, for which the owner does not need to occupy the building, are for up to $75,000, with a term of 15 to 30 years. They are for larger repairs or improvements such as window replacement, bathroom renovation, etc. There are income restrictions on these loans.

Debt Consolidation Rehab Loans – These loans can allow you to both make repairs or improvements and consolidate your debt with a lower interest rate. They are for owner-occupants only, and up to a maximum of $80,000 can be borrowed. The debt consolidation portion of the loan cannot exceed 40%, unless the debt is for home improvement or real estate, in which case it can be up to 80% of the total loan. The term is up to 20 years, and there are income restrictions on these loans.

Debt Consolidation Rehab Loans – These are large loans, up to $300,000 and sometimes more, for major construction. The term is up to 15 years, and individual owners, non-profits, partnerships and corporations are all eligible. There are income restrictions for owner-occupants. These loans are available only at our Citywide office in Manhattan. Please call (212) 519-2530 for information.