NYU Furman Center Sign Up Facebook Twitter LinkedIn
CoreData.nyc

Directory of NYC Housing Programs

CoreData.nyc User Guide »

Construction Management Program

Program (?) Construction Management Program
Program Description

HPD created the Construction Management Program to engage the expertise of private construction management firms to renovate and sell large concentrated clusters of vacant, city-owned buildings to qualified non-profit organizations. HPD selected private construction managers through an RFP process; the agency also chose non-profit organizations to own the buildings post-rehabilitation. To finance each project’s development, HPD provided a zero-percent, 30-year enforcement mortgage with financing from bonds issued by HDC and support from Battery Park City Authority revenue. Upon completion, HPD required that all units be rented to a mix of tenants: 30 percent of units were reserved for homeless households, 40 percent of units for very low-income households, 20 percent of units for low-income households, and in at least one case, 10 percent at market for the neighborhood.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Grant, Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1987-1988
Developer/Owners (?) Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Extremely Low-Income, Very Low-Income, Low-Income, Moderate-Income, Middle-Income
Other Targeting Information (?) 30 percent of units set aside for homeless households
Available on CoreData.nyc? No

« Back