Email a Friend
NYC Department of Housing Preservation & Development
Developers

Financing Tools

CHINATOWN/LOWER EAST SIDE ACQUISITION PROGRAM

The Chinatown/Lower East Side Acquisition Program provides assistance to pre-qualified non-profit organizations to preserve the affordability of housing in the Chinatown and Lower East Side neighborhoods.  Working with funds made available by the U.S. Department of Housing and Urban Development (HUD), the Lower Manhattan Development Corporation has allocated $16 million to the City of New York for the preservation of affordable units through this program, which contributes to the efforts to rebuild and revitalize Lower Manhattan in the aftermath of September 11th. Click here to download the Notice of Funding Availability (NOFA).

Non-profits may respond to the Request for Qualifications in order to become pre-qualified for participation in the program.  To qualify, non-profit developers must have demonstrable experience owning, administering, and rehabilitating low- or moderate-income housing.  Pre-qualified organizations may identify privately owned, low-to-moderate income residential properties in Chinatown and the Lower East Side for acquisition.

To download the Request for Qualifications (RFQ)  Click on Cover page and the RFQ Application . Small and mid-size buildings located in the Chinatown/Lower East Side target area with average rents affordable to households earning no more than 80 percent of the Area Median Income (AMI) may be eligible for purchase by pre-qualified non-profits.  Up to $125,000 per dwelling unit in funding is available to fill the gap between private debt supportable by the project and the acquisition cost.  Following acquisition, the nonprofit organization must maintain the affordability of the units by adhering to rent regulation laws, filling vacancies only with tenants whose incomes do not exceed 80 percent of AMI, and setting rents at affordable levels, for at least 30 years after acquisition. Click here to download a map of the target areaClick here to download a Building Proposal Form.
To apply to become a pre-qualified non-profit for the Chinatown/LES Program, please download and complete the Request for Qualifications and Inspector General Clearance forms below.  Eligible non-profit organizations may submit building proposals for consideration by HPD.
Completed forms and proposals may be sent to HPD via email at JBW@hpd.nyc.gov or may be mailed to:

Chinatown/LES Program
New York Dept. of Housing Preservation & Development
100 Gold Street, Room 9-O6
New York, NY 10038

This program is made possible by a grant from the Lower Manhattan Development Corporation, which is funded through Community Development Block Grants from the U.S. Department of Housing and Urban Development.

George Pataki, Governor                         
Michael Bloomberg, Mayor
Shaun Donovan, HPD Commissioner
Stefan Pryor, LMDC President      
Kevin Rampe, LMDC Chairman

For an archive of RFPs, RFQs, and RFOs, click here.

If you would like to receive an e-mail when HPD has issued a Request for Proposals/Qualifications/Offers, visit the NYC HPD E-mail Update Subscription Center.

 



I am a...
Learn About...
Frequently Asked Questions (FAQ)
 
View Site Map