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Directory of NYC Housing Programs

Small Buildings Loan Program

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  • Status: Unavailable

The Small Buildings Loan Program provided loans for the moderate to gut rehabilitation of buildings containing between 1 and 20 units. Properties must have been at least 50 percent residential and privately owned. City Capital funds, loaned at one percent interest with a 30-year term, and Federal HOME Grant funds were combined with bank financing to produce a below-market interest rate loan. For-profit owners had to contribute 10 percent of project cost in equity, while non-profit owners had to contribute 2 percent of project cost in equity. Rents were set at market rate after rehabilitation is completed. Apartments in buildings with 3 or more units were placed under the New York State’s rent stabilization system.

Program Information Help Icon

  • Alternative Name(s): Small Homes Private Loans Program
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: Started 1992
  • Occupancy tenure: Rental, Homeownership
  • Construction Type: Rehabilitation
  • Building Type: One- to Four-family, Multi-family
  • Developers/Owners: For-profit, Non-profit, Owner-occupant

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