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Directory of NYC Housing Programs

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Small Buildings Loan Program

Program (?) Small Buildings Loan Program
Alternative Name(s) Formerly Known as Small Homes Private Loans Program
Program Description

The Small Buildings Loan Program provided loans for the moderate-to-gut rehabilitation of buildings containing between one and 20 units. Properties must be at least 50 percent residential and must be privately owned. City Capital funds, loaned at one percent interest with a 30-year term, and/or Federal HOME Grant funds are combined with bank financing to produce a below-market interest rate loan. For-profit owners must contribute 10 percent of project cost in equity, while non-profit owners must contribute two percent of project cost in equity.

Rents are set at market rate after rehabilitation is completed. Apartments in buildings with three or more units are placed under the NYS Rent Stabilization system.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe Not Available-Present
Developer/Owners (?) For-Profit, Non-Profit, Owner-Occupant
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Low-Income, Moderate-Income, Varies
More Information NYC HPD
Available on CoreData.nyc? No

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