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Directory of NYC Housing Programs

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Neighborhood Entrepreneurs Program

Program (?) Neighborhood Entrepreneurs Program
Abbreviation NEP
Program Description

HPD selects city-owned buildings for the Neighborhood Entrepreneurs Program (NEP), which it then sells to the Neighborhood Partnership Housing Development Fund Corporation for $1 each; the buildings are subsequently leased to qualified local entrepreneurs. Under the program, the entrepreneurs plan and oversee the rehabilitation and design of the buildings, screen and recommend general contractors, and obtain - with the assistance of Neighborhood Partnership Housing Development Fund Corporation - a private construction loan for the rehabilitation work. The entrepreneur is also partnered with a local non-profit entity that assists with finding tenants and providing tenant support and training. HPD provides permanent financing through a mix of city capital and federal HOME funds and a reserve is created from equity syndicated by low-income housing tax credits. Construction financing is provided by commercial banks that monitor construction expenditures.

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 Large Scale (between 5,000 and 9,999 units produced)
Timeframe 1996-Present
Developer/Owners (?) For-Profit, Government
Property Information (?)  
Property Type City-Owned
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) No Restrictions
More Information NYC HPD
NY Times
Available on CoreData.nyc? Yes
Last Updated June 2018
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 June 2018 (reflects data as of March 2018).

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