Asset Control Area and Dollar Homes Programs
HPD, HUD, and the non-profit Restored Homes (RH) have partnered to
facilitate the purchase, rehabilitation and sale of distressed properties to
create affordable homeownership opportunities for low and moderate-income
families. These homes are in specified revitalization areas
throughout New York City that have suffered high foreclosure rates.
The revitalization neighborhoods include: Bedford Stuyvesant, Bushwick,
Crown Heights, Cypress Hills, East New York, Oceanhill, Jamaica, South
Jamaica/Baisely Park and the Northwest Bronx.
Several local community groups are assisting with this program. Buyers
will be provided with pre-purchase training, homeownership counseling, financial
assistance and post purchase training. While a lottery
process will be used to identify potential homebuyers, a strong preference will
be given to homebuyers who are currently residents in a properties community
board. There will be preference in the selection process for
qualified veterans of Operation Enduring Freedom and Operation Iraqi Freedom
(33.3% preference) as well as for municipal employees (5%
preference). Households earning no more than 115% of the area
median income for New York City adjusted for family size may be
eligible. (Buildings purchased through the Dollar Homes
program will be sold to households earning no more than 130% of the area median
income for New York City adjusted for family size.
Contact Restored Homes for further information and applications:
(212) 584-8981. http://www.neighborhoodrestore.com/aca.html