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CoreData.nyc

Directory of NYC Housing Programs

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HomeWorks

Program (?) HomeWorks
Program Description

HomeWorks encourages neighborhood revitalization. New York City conveys small, vacant city-owned buildings to experienced builders at a nominal price, and may also provide a subsidy in the form of a zero-percent, non-amortizing loan that evaporates after six years. The builders then rehabilitate the property into one- to four-family homes for sale to individual homebuyers at market prices. While no income limits exist for the buyers, homes stay affordable to moderate- and middle-income buyers because builders work with lenders to provide mortgages with low down payments and take income from rental apartments into account when qualifying homebuyers for loans.

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 1995-Present
Developer/Owners (?) For-Profit, Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Building, City-Owned
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) No Restrictions
More Information NYC HPD
Available on CoreData.nyc? No

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