NRP conveys clusters of occupied and vacant City-owned buildings throughout the city to selected community based not-for-profit organizations for rehabilitation and operation as rental housing. Not-for-profit organizations apply to participate in NRP through a competitive Request for Qualifications (RFQ) process. Sponsors are selected on the basis of previous ownership and management experience, financial qualifications and social services capacity.
Once the properties are sold to the not-for-profit, rehabilitation is financed by HPD through a combination of City and Federal funds at a cost of approximately $120,000 per unit and equity is generated through the sale of Low Income Housing Tax Credits (LIHTC). Proceeds from the sale of Federal Low Income Housing Tax Credits provide for a portion of the capital needs, as well as the operating and social service needs of the project once rehabilitation is complete. Operating subsidies flowing through the tax credits will keep rents affordable for existing tenants. Initial rents for vacant units will not exceed market rents for apartments of comparable size in the neighborhood. All units are subject to rent stabilization.
Program Director: Angela Simpson-Buckley
For additional information on NRP, please call (212) 863-7360