Affordable Neighborhood Cooperative Program

The Affordable Neighborhood Cooperative Program (ANCP) selects qualified developers to rehabilitate distressed city-owned occupied multi-family properties, managed by the Tenant Interim Lease Program, in order to create affordable cooperatives for low and moderate-income households.

How does the program work?

ANCP provides low interest loans in the form of City Capital subsidy, in addition to construction and permanent financing sources provided by, but not limited to private institutional lenders and New York State Affordable Housing Corporation (AHC) programs. All ANCP properties are currently owned the by the City of New York. They will be transferred to Restoring Communities HDFC upon construction loan closing, and conveyed to a newly formed cooperative HDFC upon cooperative conversion.

For more information on the loan terms, see the ANCP term sheet.