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Sweat Equity (HPD)

Program (?) Sweat Equity (HPD)
Program Description

The Sweat Equity program began as a response to the city’s budget crisis, its ownership of a massive stock of in-rem housing, a growing demand for low-income housing, and resident-led initiatives to rehabilitate abandoned buildings. In exchange for labor performed by prospective tenants, the city offered one percent interest rates on 30-year mortgages for the gut rehabilitation of city-owned abandoned buildings. Despite positive support from President Jimmy Carter, along with financing from four major New York banks, by 1980 the program was defunct.

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 1976-1980
Developer/Owners (?) Government, Tenant
Property Information (?)  
Property Occupancy Vacant
Property Type Building, City-Owned
Building Type Multi-family
Construction Type Rehabilitation
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Low-Income
More Information
Available on CoreData.nyc? No

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