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Directory of NYC Housing Programs

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New Homes Program

Program (?) New Homes Program
Alternative Name(s) Partnership for New Homes Program; NYC Housing Partnership Program; Partnership Housing Development Corporation
Program Description

The New Homes Program mixes benefits from city and state sources to create affordable new construction of ownership housing. New York City contributes vacant land and low-cost financing to each project. The subsidies are loans that evaporate over a period of time ranging from 15 to 25 years, depending on program history. All homes received a 20-year partial Real Property tax exemption as well. Private developers, under the supervision of the Housing Partnership Development Corporation (formerly the NYC Housing Partnership) and commercial bank construction lenders, originally participated in the program by building single-family homes. Today, the program focuses on the construction of two- to three-family houses, multi-family cooperatives, and condominiums for moderate- and middle-income purchasers. Local non-profit organizations carry out the marketing of the homes.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant, Property
Government Agency (?) NYS Department of Homes and Community Renewal
Program Information (?)  
Scale Very Large Scale (over 10,000 units produced)
Timeframe 1983-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land
Building Type Multi-family, One- to Four-family
Construction Type New Construction
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Moderate-Income, Middle-Income
More Information NYC HPD
Available on CoreData.nyc? No

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