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