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Directory of NYC Housing Programs

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Multi-Family Preservation Program

Program (?) Multi-Family Preservation Program
Program Description

Under the Multi-Family Preservation Program, HPD selects prequalified developers to acquire at-risk multi-family buildings and offers financing through the Acquisition Loan Fund. Targeted buildings are at risk of private mortgage foreclosure, tax lien foreclosure, or have mortgage debt that is insurmountable. HUD multi-family buildings are eligible if they are under foreclosure by HUD, can no longer sustain HUD use restrictions, or have mortgage debt from HUD that is insurmountable. Once developers are selected based on experience, access to financial resources, and the ability to manage multi-family housing, they may acquire control of the buildings through any of three ways: acquiring them directly from current owners through negotiation, acquiring the debt and foreclosing, or acquiring the property from lenders who themselves acquired the buildings through foreclosure. HPD will also make rehabilitation financing available should the purchased building be in a distressed condition.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Other
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2010-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Varies
Other Targeting Information (?)

Targets HUD multi-family buildings

Available on CoreData.nyc? Yes
Last Updated December 2016
Data Source New York City Department of Housing Preservation and Development
CoreData.nyc Notes

Data from New York City Department of Housing Preservation and Development accessed November 2016.

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