Housing Finance Programs - Rehabilitation

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	Housing Finance Programs Rehabilitation New Partners Program The New Partners Program provides loans to owners to renovate small buildings where a portion of the building is vacant, and units are in need of rehabilitation. The Program is especially focused on buildings with existing commercial tenantsand vacant residential space above. Program Advantages: Below market interest rates Loan term of up to 30 years Loan program allows owners to add to the building's value Assistance in selecting and securing contractors and working with tenants Free classes available in all areas of property management Eligible Applicants: For Profit and Not-for-profit owners Principals must have acceptable credit (no pending collection actions, foreclosures, etc.) Eligible Properties: Owner occupied buildings with 1-4 units Buildings with existing commercial tenants and 1-20 vacant residential units, including "taxpayer" buildings Projects must be located in the Bronx, Brooklyn, Manhattan (north of East 96th Street and north of West 110th Street), Queens, or Staten Island All taxes must be current at the time of closing Eligible Rehab Activities: Moderate or Gut Rehabilitation Renovation costs in excess of $15,000 per unit All necessary work to bring a building up to housing and building codes Non-profit Participation: In collaboration with the Program, nonprofit organizations will outreach to owners, and may assist in the development of rehabilitation plans and/or lease/manage residential units. Program Requirements and Conditions: Borrowers must demonstrate that a New Partners loan is necessary because private market financing is not available for the proposed rehabilitation project or is not sufficient to complete the necessary scope of rehabilitation work Borrowers must agree to lease the rehabilitated units as affordable housing for tenants with incomes below 120% of Area Median Income and to maintain buildings with 3 or more residential units as rent stabilized units For profit owners must contribute 10% of the project cost in equity Not for profit owners must contribute 2% of the project cost in equity PHONE NUMBER: (212) 863-6417 Download application for New Partners Program (in PDF) Click here to learn about other building rehabilitation loans

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