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Small Homes Scattered Sites Loan Program

Program (?) Small Homes Scattered Sites Loan Program
Alternative Name(s) New Foundations Program; New Neighbors Program
Program Description

The Small Homes Scattered Sites Loan Program financed the development of infill sites in neighborhoods that lack affordable homeownership opportunities. Under the program, sponsors purchased city-owned land and constructed one- to four-family homes, cooperative, or condominiums to provide as many affordable units as financially feasible for low-, moderate- and middle-income purchasers. Construction financing was provided through loans from private lenders and developer equity and purchasers repay the land debt and city subsidy attributable to their homes by delivering a subordinate mortgage to the city. Additionally, New York City provided a UDAAP Real Property Tax Exemption and a 421-b exemption. At least one-third of the units in each project had to be affordable to households earning up to 80 percent of AMI, but preference is given to projects that provide housing to middle income households. In addition, at least one unit in each home must be occupied for at least 15 years by the original purchaser.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Property
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2000-2009
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Type Land
Building Type Multi-family, One- to Four-family
Construction Type New Construction
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Low-Income, Moderate-Income
More Information NYC DCP (PDF)
Available on CoreData.nyc? No

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