HPD has developed several programs that enable New York's families to purchase newly constructed or newly renovated homes and/or apartments. City subsidies and other financing tools are used to make these homes affordable to low-, moderate-, and middle-income families.
Click here to see HPD's Lists of Affordable Homes, Frequently Asked Questions for Homebuyers, and HPD's Guide to Homeownership in New York City.
Many people have expressed interest in buying a dilapidated building and fixing it up themselves. HPD does not sell buildings in dilapidated condition to the general public. Occasionally, we sell a building at market value when we have buildings in better physical shape. Current tenants in good standing are given the first opportunity to purchase their building. If the tenants are not interested or not able to purchase the building, it is offered to the general public through an Asset Sales Request for Offers process.
- Housing Partnership Development Corporation: HPD works with the Housing Partnership, which is a leading intermediary for the development of new, affordable homeownership housing on publicly-owned and privately-owned sites. The program produces condominiums, single-family town houses and two-and three-family homes. Click here for information about mortgage refinancing procedures.
- StoreWorks: The purpose of the StoreWorks Program is to rehabilitate small, vacant, mixed-use buildings currently owned by the City and restore them to private ownership and active use.
- Nehemiah: The Nehemiah program is a collaboration between HPD and a consortia of community-based churches in Brooklyn that over the past 15 years has constructed nearly 3,000 single-family homes in the East New York and Brownsville sections of Brooklyn.
- HomeWorks: Under this program, vacant City-owned buildings are completely rehabilitated by experienced developers and sold to individual homebuyers at market prices.
- New Foundations: New Foundations calls for the construction of one-to-four family owner-occupied homes and cooperative/condominium units.
- Neighborhood Homes: Under the Neighborhood Homes Program, HPD conveys occupied one- to four-family buildings to selected community-based not-for-profit organizations for rehabilitation and eventual sale to owner-occupants.
- HomeFirst Down Payment Assistance Program: Many New Yorkers want to buy a home but don't have enough money saved for their down payment and closing costs. As part of Mayor Bloomberg's "New Housing Marketplace Plan," the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with up to 6% of the home's purchase price as a forgivable loan to use toward the down payment or closing costs on a new 1-4 family home, a condominium, or a cooperative in one of HPD's Homeownership Zones in the Bronx, Brooklyn, Manhattan, Queens, or Staten Island. This means that if the home costs $400,000, the eligible buyer would get $24,000.
- Habitat for Humanity: If you are a low-income New York City resident living in overcrowded or substandard housing conditions in Harlem, Queens or Brooklyn, you could qualify for financing through Habitat for Humanity towards the purchase of a Habitat home in your community.