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Directory of NYC Housing Programs

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Cornerstone Program

Program (?) Cornerstone Program
Alternative Name(s) Multi-Family Cornerstone Program
Program Description

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.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 2000-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land
Building Type Multi-family
Construction Type New Construction
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Low-Income, No Restrictions
More Information NYC HPD
NYC Comptroller's Office
Available on CoreData.nyc? No

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