The Neighborhood Homes (NH) 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.
Program Directors: Angela Simpson-Buckley & Wayne Mackie
For additional information on NH, please call (212) 863-7360 or (212) 863-7347
Click here for HPD's Lists of Affordable Homes.
For those interested in purchasing a home, please call 311 and request a homeownership kit.