Evaluation of Keep the Dream: A Refinance Program for Households Facing Foreclosure in New York State

In the wake of the sub-prime mortgage crisis and in an effort to reduce foreclosures, the State of New York Mortgage Agency (SONYMA) asked the Capstone team to evaluate their foreclosure prevention and refinance program Keep the Dream, fostered under New York Homes (?nyhomes?). SONYMA provides affordable home ownership opportunities to low and moderate income families in New York State. The Capstone team evaluated Keep the Dream, by creating and applying a custom program evaluation tool. The evaluation tool consists of a set of prioritized goals, a series of program metrics, and a proposed system for collecting and measuring said metrics. The team then used the tool to identify key goals, challenges, and successes of Keep the Dream. The team also interviewed agency personnel, key stakeholders and other state HFAs, and analyzed foreclosure and mortgage performance data to provide recommendations on improving foreclosure prevention programs in the future.