How do I buy an HPD-owned Building?
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, HPD sells buildings at market value without City subsidy through the Asset Sales program when they are 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 is offered to the general public through a Request for Offers Process. Those interested may call (212) 863-7630.
HPD also works with community members and non-profits to convey clusters of buildings to local ownership for rehabilitation and management through the Neighborhood Entrepreneurs Program, Neighborhood Redevelopment Program, Tenant Interim Lease Program, and the Tenant Ownership Program.
Information on plans for specific HPD-owned buildings may be obtained by calling 212-863-8961.
The Department of Citywide Administrative Services' (DCAS) Division of Real Estate also holds auctions of vacant land and commercial buildings. Please call 311 for information.
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What is the 80/20 Program?
The 80/20 Program, sponsored by the New York State Housing Finance Agency, the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD), uses tax-exempt bonds to create affordable housing for low-income tenants in generally desirable locations throughout the city. The use of tax-exempt bonds to finance the construction of large residential buildings in the city greatly reduces costs. In exchange for the low-cost financing, 20% of the apartment units are reserved for low-income tenants earning no more than 50% of area median income. See Low Income Housing Tax Credit Rent and Income Limits
The apartments are not necessarily labeled "80/20" in advertisements, but would say "affordable housing."
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