The $20,000. lien on our homes, also known as the $20,000. loan given to us by HPD to reduce the initial cost of our homes must be repaid if the home is refinanced or sold. This loan was ONLY MADE AVAILABLE FOR THE ORIGINAL HOMEOWNER.
*(Ref: Nehemiah Plan Homes Contract of Sale — #9. As part of the Nehemiah Program, the City of New York is providing a $20,000. subsidy (“City Subsidy”) to reduce the initial cost of each House. At the closing, Purchaser will be required to sign City Mortgage and Note for this amount. Under the terms of the City Note and Mortgage, copies which are available at the office of the Seller for inspection upon request, Purchaser will be required to repay the City Subsidy out of any Appreciation (as therein defined) realized upon the sale of the House. If the amount of the Appreciation, if any, upon my sale of the House is not sufficient to repay the City Subside, then the remaining balance shall remain a lien upon the House payable upon resale of subsequent purchasers until the full amount without interest of the City Subsidy is entirely repaid. No interest or principal is due upon the City Note and Mortgage except upon resale of the House.