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Directory of New York City Affordable Housing Programs

Program (?) Affordable Cooperative Housing Program
Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Housing Development Corporation,
Program Information (?)  
Scale N/A
Timeframe 2004-2007
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) Middle-Income, No Restrictions
More Information NYC HDC

The Affordable Cooperative Housing Program was funded by taxable bonds financed under the HDC Multi-Family Secured Mortgage Revenue Bonds Resolution. HDC financed the development of affordable cooperatives by providing a construction loan and a permanent mortgage for the cooperative. HDC also provided subordinate financing for a second mortgage during construction; the low-interest rate on the subordinate loan was blended with the first mortgage to reduce the overall interest rate paid by the developer. In exchange for this funding, HDC required the developer to build at least 50 affordable units and to sell a maximum of 25 percent of the units in the building at market price. Though income requirements varied, most affordable apartments went to households with incomes up to 175 percent of AMI.

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