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Lower East Side Cross Subsidy

Program (?) Lower East Side Cross Subsidy
Alternative Name(s) Lower East Side Mutual Housing Association; Lower East Side People’s Mutual Housing Association
Program Description

The Lower East Side Cross Subsidy program was the product of an agreement between HPD and Manhattan Community Board 3. In order to maintain affordable housing, the two entities negotiated a plan in which the sale of city-owned vacant lots to private developers would go into a revolving fund that would subsidize the development of permanently affordable housing for low- and middle-income residents of the neighborhood. At the time, low- and middle-income was defined as a family earning less than $23,000 a year. The agreement led to the creation of the Mutual Housing Association to oversee the construction of affordable housing as a part of the plan, and to select tenants for the affordable housing. Now known as the Lower East Side Peoples Mutual Housing Association (LESPMHA), the organization functions as a non-profit 501(c)(3), rehabilitating vacant multi-family buildings owned by the city, as well as constructing new multi-family buildings on the Lower East Side.

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 Small Scale (between 1 and 999 units produced)
Timeframe 1989-1992
Developer/Owners (?) Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Land, City-Owned
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Low-Income, Moderate-Income
Other Targeting Information (?) Geographic Restrictions
More Information NY Times
Available on CoreData.nyc? No

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