• Agency: NYC Department of Housing Preservation and Development (NYC HPD)
• Status: Currently Available

The New York City Department of Housing Preservation and Development’s (HPD) Open Door program funds the new construction of cooperative and condominium buildings affordable to moderate- and middle-income families. Where dictated by lot size, the program may also fund the construction of new one- to three-family homes. Upon construction completion, the developer will sell the ownership units to households who agree to owner-occupy their units for the length of the regulatory period. If the purchaser sells or refinances during the regulatory period, the purchaser may realize up to 2-percent appreciation on the original purchase price per year of owner occupancy. Upon resale, the purchaser will also be required to sell to a household making no more than the project’s income cap.