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StoreWorks Program

Program (?) StoreWorks Program
Program Description

Operating since 1997, StoreWorks funds the rehabilitation of small, vacant, mixed-use buildings owned by New York City and restores them to private ownership and active use. Rehabilitation of these buildings creates affordable rental housing and gives individuals the opportunity to own mixed-use buildings. Rehabilitation is financed with a combination of loans from private lenders and partial financing from HPD. At certain times, the program also used financing insured by HUD’s 203K program. The city also provides partial tax abatement for a period of twenty years.

Neighborhood Housing Services, a non-profit organization, oversees the design and rehabilitation of the buildings, and markets them to individual buyers. The buildings are priced at market levels, and there are no income limits for buyers or price or income limits for renters of apartments or stores. A preference is given to purchasers intending to be residential or commercial occupants, in addition to other preferences required by HPD marketing rules.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing, Property Tax Incentive
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 1997-Present
Developer/Owners (?) Non-Profit, Government
Property Information (?)  
Property Occupancy Vacant
Property Type Building, City-Owned
Building Type Multi-family, One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) No Restrictions
Other Targeting Information (?)

Buildings with ground floor commercial space

More Information NYC HPD
Available on CoreData.nyc? No

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