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Directory of NYC Housing Programs

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Private Ownership and Management Program

Program (?) Private Ownership and Management Program
Abbreviation POMP
Program Description

Under POMP, 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 its ability to sell units for a minimum of ten years.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant, Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Large Scale (between 5,000 and 9,999 units produced)
Timeframe 1978-1993
Developer/Owners (?) For-Profit, Government
Property Information (?)  
Property Occupancy Occupied
Property Type Building, City-Owned
Building Type Multi-family
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Low-Income
Available on CoreData.nyc? No

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