|Program (?)||Tenant Interim Lease Program|
The Tenant Interim Lease Program (TIL) provides renters that live in City-owned buildings the opportunity to own those units as a cooperative. Existing tenants of buildings that participate in the program are required to attend building management education programs, and rents are restructured to enable the property to be converted to cooperative ownership with maintenance fees sufficient to cover ongoing expenses. After the building achieves a stable occupancy rate and operating expenses, all units in the property are transferred from HPD to tenants as cooperatives for $250 an apartment.
HPD funded the rehabilitation of these buildings, initially, using a modest scope and then later using a gut rehabilitation scope.
|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||Very Large Scale (over 10,000 units produced)|
|Developer/Owners (?)||Government, Tenant|
|Property Information (?)|
|Property Type||Land, City-Owned|
|Construction Type||Rehabilitation, New Construction|
|Occupant Tenure (?)||Homeownership|
|Occupant Income Restrictions (?)||No Restrictions|
|More Information||NYC HPD|
|Available on CoreData.nyc?||Yes|
|Last Updated||December 2016|
|Data Source||New York City Department of Housing Preservation and Development|
Data from New York City Department of Housing Preservation and Development accessed November 2016.