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New Partners Program

Program (?) New Partners Program
Alternative Name(s) East Harlem Rezoning; Third Avenue Rezoning Initiative
Abbreviation NPP
Program Description

The New Partners Program (NPP) provided financing to renovate small buildings with existing ground floor commercial tenants, where a portion of the residential space above was vacant. HPD provided 30-year below-market rate loans of $15,000 or more to for-profit building owners, who were required to contribute 10 percent of the project cost in equity. HPD required non-profit owners to contribute two percent of the project cost in equity. Borrowers agreed to lease the rehabilitated units as affordable housing to tenants with incomes below 120 percent of AMI, and to maintain buildings with three or more residential units as rent stabilized units.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2001-2004
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Moderate-Income
Other Targeting Information (?)

Buildings with commercial ground floors

More Information NYC HPD
Available on CoreData.nyc? No

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