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CoreData.nyc

Directory of NYC Housing Programs

Cornerstone Program

The Cornerstone Program was established in 2000 to promote multi-family development for both rental and homeownership. The Cornerstone program offers developers the opportunity to bid on the opportunity to build apartments on city-owned land. Initially 21 clusters of vacant city-owned lots, including eight clusters in East and Central Harlem, nine in Brooklyn, and four in the Bronx were transferred. A minimum of 20 percent of the apartments built were to benefit low-income residents. Proposals that provided the greatest mix of affordability using the least amount of subsidy received preference.

Program Information Help Icon

  • Alternative Name(s): Multi-Family Cornerstone Program
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Medium Scale (between 1,000 and 4,999 units)
  • Timeframe: Started in 2000
  • Occupancy tenure: Rental, Homeownership
  • Construction Type: New Construction
  • Building Type: Multi-family
  • Income Restrictions: Low-income

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