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.
ANCP provides low- to no- interest loans in the form of City Capital subsidy. All ANCP properties are currently owned by the City of New York. Upon construction loan closing, ownership will be transferred to Restoring Communities HDFC, a nonprofit, interim owner. Upon cooperative conversion after construction is complete, ownership will subsequently be conveyed to a newly formed, resident-controlled cooperative HDFC.
For more information on the loan terms, see the ANCP term sheet.
Affordable Neighborhood Cooperative Program
100 Gold Street, Room 9-W7
New York, NY 10038
ANCP@hpd.nyc.gov