TIL II is an HPD program designed to accelerate the return of City-owned buildings to tenant ownership. Under this program, a local developer, chosen by the tenant, submits petitions to HPD to act as an interim sponsor and coordinates the development process. The Sponsor's duties include the selection of an architect, preparation of construction documents, and relocation plans. HPD reviews and approves all scopes of work and building specifications, and also provides construction financing. The Sponsor will purchase the building for the nominal price of $1.00 prior to the construction start. HPD will provide a construction loan to the sponsor, consisting of Capital funds to finance the renovation of the site.
During the construction process, the tenant association is trained in building and financial management. Initial maintenance charges are usually set at approximately $90 to $100 per zoning room and Section 8 subsidies, subject to availability, are provided to eligible tenants to maintain the affordability of the units. Once construction completed the tenants will purchase the cooperative interest attributable to their apartments for $250.00 per unit.
For additional information
on TIL II, please call Carlecia Taylor at (212) 863-7304.