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

Under the Private Owners and Management Program (POMP), New York City’s Department of Housing Preservation and Development (HPD) provided landlords who already managed a minimum of 100 units the opportunity to manage city-owned properties for a 12-month trial period. At the end of the trial period, qualified managers had the option of purchasing the buildings from the City for $2,500 per unit, which included $250 per unit in equity and the rest financed by HPD. During the trial period, the selected manager was to make all major repairs needed in the building and remove code violations using limited HPD subsidies. Rents were subject to restructuring during the trial period in order to cover operating costs. Upon approval of the sale, buildings were appraised, and the difference between the appraised value and the $2,500 per unit cost became a contingent loan on the property. After rent restructuring and the transfer to private ownership, all apartments became subject to rent stabilization, and the owner was restricted in their ability to sell units for a minimum of ten years.