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Directory of NYC Housing Programs

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CityHome

Program (?) CityHome
Program Description

CityHome was an effort to encourage homeownership originally managed by HPD, but subsequently administered by Enterprise Community Partners (formerly the Enterprise Foundation) and the Community Preservation Corporation. Vacant city-owned buildings were completely rehabilitated to create one- to four-family homes for owner-occupants. The rehabilitated buildings with multiple units were sold to eligible owners who could use the income from the rental units to offset homeownership costs. The city provided a subsidy in the form of a second mortgage loan that evaporated over a 25-year period. The first mortgage loan was obtained from participating banks at market rates. Residents with a household income of $35,000-$90,000 (in 2010) were eligible for the program.

Related Programs Small Home Rehabilitation and Sale Program
Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1993-2000
Developer/Owners (?) Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Building
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Low-Income, Moderate-Income
More Information NY Times
Available on CoreData.nyc? No

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