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Chinatown/Lower East Side Acquisition Program

Program (?) Chinatown/Lower East Side Acquisition Program
Program Description

The Chinatown/Lower East Side Acquisition Program provides assistance to pre-qualified non-profit organizations to preserve the affordability of housing in the Chinatown and Lower East Side neighborhoods. To qualify, non-profit developers must have experience owning, administering, and rehabilitating low- or moderate-income housing. Small and mid-size buildings with average rents affordable to households earning no more than 80 percent of AMI and that are located in the target area may be eligible for purchase by the pre-qualified non-profits. Funding is available to fill the gap between private debt supportable by the project and the acquisition cost. The non-profit organization must maintain the affordability of the units by adhering to rent regulation laws, filling vacancies only with tenants whose incomes do not exceed 80 percent of AMI, and setting rents at affordable levels for at least 30 years after acquisition.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2002-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Low-Income
Other Targeting Information (?)

Geographic Restrictions

More Information NYC HPD
Available on CoreData.nyc? No

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