Money & Homes

CIBS Asset Building Network helps Bedford Stuyvesant residents increase income and savings and to build and retain financial assets. The Network aspires to foster family economic independence. As an example, each year network members reach out to every Bed-Sty homeowner on the City’s tax lien list and sponsor an event with the NYC Department of Finance to resolve arrears. Network members have provided individuals and families with information and one-on-one counseling needed to:

Few crises have affected more homeowners and tenants than the sub-prime mortgage disaster. The Asset Building Network continues working hard to protect Bed-Stuy residents from losing their homes.
 

Mr. R purchased his home in 2008 with an adjustable rate mortgage. After six months, his mortgage payment soared from $2,300 to an unaffordable $3,400 each month. Struggling, stressed and eight months behind, Mr. R turned to Neighborhood Housing Services of Bedford-Stuyvesant (NHSBS), a Network member, for help.

 

NHSBS negotiated with the lender and obtained a much-needed loan modification: Mr. R’s monthly payments were reduced to $2,100 with the agreement to make the reduced rate permanent if Mr. R made the payments on time for six months. Mr. R recently submitted his sixth on-time payment and is finalizing the paperwork for his new permanent, affordable rate mortgage. 

 

The Network also helps Bed-Stuy residents reduce debts and save whatever they can for the future.

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Joan, a single mother of three, local fashion designer and part-time social worker has struggled to pay her monthly bills despite her desire to save money. Attending a financial education seminar gave her a systematic way to reduce her debts effectively. Using skills acquired through the workshop and individual counseling, Joan paid off a significant past due electric bill and has turned her focus to paying off her student loan debts. Thanks to the help provided through Long Life Information and Referral Network, a CIBS Asset Building Network member, Joan declared, “For once I can say that I am not afraid of the bills or the bill collectors!”

 

Don’t struggle through tough times alone. Contact the CIBS Asset Building Network and get the assistance you need.

 

460 Nostrand Avenue, Brooklyn, NY, 11216

(718) 399-0146

201 Dekalb Avenue, Brooklyn, NY 11205

(718) 522-2613

1012 Gates Avenue, Brooklyn, NY 11221

(718) 919-2100

 

1368 Fulton Street, Brooklyn NY 11216

(718) 636-6930

 

1958 Fulton Street, 3^rd Floor, Brooklyn, NY 11233

(718) 778-0009

Brooklyn Cooperative Federal Credit Union 

1368 Fulton Street, Suite 301 Brooklyn, NY 11216

(718) 636-1155

 

For additional information regarding preventing foreclosures, log on to:

1368 Fulton Street, Brooklyn NY 11216

(718) 636-6930

 

The CIBS Asset Building Network assists the residents of Central Brooklyn in obtaining financial stability because of the continued support of program sponsors such as the New York State Division of Housing and Community Renewal Subprime Program, the Center for New York City Neighborhoods (CNYCN), the Office of Assemblywoman Annette Robinson and the Office of Councilmember Albert Vann. We thank them for their steadfast support and look forward to a sustained and fruitful partnership.