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But federal officials are denying that claim, and say the city walked away from the program after the veterans agency notified the city it would receive less money than it had in the past.
New York City will no longer participate in the U.S. Department of Veterans Affairs’ Grant and Per Diem program as of Oct. 1. The Borden Avenue Veterans Residence shelter in Long Island City has benefited from the program for nearly two decades and was not on the list of GPD grantees released last week.
In response to The City Reporter’s inquiries, the Department of Homeless Services confirmed it is dropping out of the program — introducing uncertainty around future funding for the Borden Avenue shelter, which serves more than 200 veterans through a combination of federal and city dollars.
“As a right-to-shelter city, we decided it was in the best interest of the veterans we serve to ensure access to shelter for all veterans experiencing homelessness,” an agency spokesperson said in a statement. “There has been no disruption to critical services for veterans residing at this site, and the city is actively assessing and planning next steps.”
A spokesperson for the VA called the city’s allegation about requiring anti-trans discrimination “false,” adding that the veterans department “evaluated the Borden Avenue facility and determined that it could not justify a larger award.”
A high near 69 and mostly cloudy during the daytime. A low around 58 and mostly cloudy with a 50% chance of rain at night. A wind advisory is in effect starting at 2 p.m.
MTA 🚇
In Queens, Manhattan-bound 7 and 7-diamond trains stop at 74th Street–Broadway. Find all the MTA’s planned changes and the latest delays here.
Alternate-side parking 🚙
It’s in effect today, Sept. 25.
By the way…
Break out your raincoat and boots: A Nor’easter will likely clash with at least two major music festivals in the city this weekend — the Global Citizen Festival in Central Park on Saturday and the rain-or-shine All Things Go festival in Queens.
Refinancing readiness and navigating the process in today’s market
Depending on where you are in your homeownership journey, refinancing your mortgage can be an effective strategy to help you meet your financial goals. Refinancing may help you save money over time or add money back to your monthly budget if you score a lower interest rate. And depending on the type of refinance you choose, you could also borrow against your home’s equity to pay down debt or make a major purchase. Understanding when and why a refinance might make sense is the first step toward getting the most from this financial tool.
What is refinancing? Refinancing replaces your current mortgage with a new one—usually with a new rate and/or terms. It can often also come with a new set of closing costs. It may also come with a new lender.
How does refinancing work? Much like your original mortgage, the refinancing process involves a thorough review of your current financial status to determine if you qualify. Here’s an example of what a lender may review: Credit score and history; debt-to-income (DTI) ratio, which shows how much debt you have in relation to your income; and property value and equity.
What are my refinancing options and how do I choose the right one? Let’s break down a few commonly offered types of refinancing:
Rate-and-term refinance: This option allows you to replace your current loan with a new one with a different interest rate, different term or both. The primary aim is to secure terms that better suit your current financial situation, while the principal balance remains the same.
Cash-out refinance: This allows you to replace your existing mortgage with a new loan for more than you currently owe, leveraging equity you’ve built up in your home. This type of mortgage refinance might be more suited for those who need funds for significant expenses, such as home renovations or debt consolidation.
No closing cost refinance: This allows borrowers to refinance without paying the upfront fees usually required. The lender may charge a slightly higher interest rate or fold the closing costs into the total loan amount.
Refinancing can be a smart financial move for many people. A qualified mortgage professional or home lending advisor can help clarify whether a mortgage refinance makes sense for you and ensure you’re on the right path to achieving your financial goals.
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