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Directory of NYC Housing Programs

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New Neighbors Program

Program (?) New Neighbors Program
Program Description

The NHS Housing Development Fund Corporation purchased infill in-rem sites and constructed 15 two-family homes in the South Bronx in order to provide homeownership opportunities to low-income households and to complete development of the last vacant, city-owned infill properties in the neighborhood. Construction financing was provided through loans from private lenders, subsidies from HPD, and a grant from Fleet Bank (later Bank of America). New York City also provided tax exemptions for the homes pursuant to Section 696 of the General Municipal Law. The New Neighbors Program was a finite resource to develop these 15 homes, and therefore no longer finances new projects.

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 2003-2009
Developer/Owners (?) Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Land
Building Type One- to Four-family
Construction Type New Construction
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Low-Income
Other Targeting Information (?) Geographic Restrictions
More Information NYC HPD
Available on CoreData.nyc? No

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