New York City Wide
NYC Dept. of Housing Preservation and Development – Neighborhood Homes Program
The Neighborhood Homes Program’s goal is to convey occupied City-owned 1-4 family residential buildings to selected community based sponsors for rehabilitation and eventual sale to owner occupants. The sponsor will purchase the properties subject to existing tenancies and is responsible for identifying permanent affordable housing for each legal tenant in good standing. In order to support the rehabilitation of the homes and tenant services associated with rehabilitation, the sponsor will receive funding in the form of an evaporating loan from HPD – approximately $50,000 per unit – and a loan from the Local Initiative Support Corporation (LISC), The Enterprise Foundation, or a conventional lender. Once completed, the building will be marketed first to existing tenants and then to buyers willing to reside in the building. All purchasers must demonstrate an ability to qualify for mortgage financing and commit to reside in the renovated home for a minimum of ten years.
NYC Dept. of Housing Preservation and Development – Neighborhood Redevelopment Program
Through the Neighborhood Redevelopment Program, the NYC Department of Housing Preservation and Development conveys clusters of occupied and vacant City-owned buildings throughout the city to selected community based not-for-profit organizations for rehabilitation and operation as rental housing. Once the properties are sold to the not-for-profit, rehabilitation is financed by HPD through a combination of City and Federal funds at a cost of approximately $120,000 per unit and equity is generated through the sale of Low Income Housing Tax Credits (LIHTC). Proceeds from the sale of Federal Low Income Housing Tax Credits provide for a portion of the capital needs, as well as the operating and social service needs of the project once rehabilitation is complete.
NYC Dept. of Housing Preservation and Development – Tenant Interim Lease Program
The Tenant Interim Lease Program assists organized tenant associations in City-owned buildings to develop economically self-sufficient low-income cooperatives where tenants purchase their apartments for $250. Tenant associations enter into a lease with the City to maintain and manage the buildings in which they live. During City-ownership, rehabilitation is funded through a combination of City and Federal sources utilizing private construction management firms to supervise the work. Rental income covers operating expenses, minor repairs, and management fees. Rents are restructured before buildings are sold to the Cooperative Corporation so that buildings remain financially viable after sale.