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Directory of NYC Housing Programs

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Small Building Rehab and Sales Program

Program (?) Small Building Rehab and Sales Program
Program Description

The Small Building Rehabilitation and Sales Program combined small buildings in close proximity to one another into one site, and then offered sites to developers through an RFP process. The developer awarded the site was required to rehabilitate all the buildings with a mix of condominiums or other homeownership properties (1-3 unit properties), and rental units. HPD provided a no-interest construction loan to the developer to close the gap between the units’ sales prices and the developer’s costs. When the project was completed, HPD converted the subsidy of the construction loan into a no-interest loan to the building purchaser. Sales prices of the ownership units were affordable to households with incomes between $20,000 and $53,000 in 1990. Rental units were made affordable to low- and moderate-income households.

Related Programs Small Buildings Loan Program
CityHome
Small Homes Private Loans Program
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 1989-1992
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Building, City-Owned
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Low-Income, Moderate-Income
Available on CoreData.nyc? No

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