• Agency: NYC Department of Housing Preservation and Development (NYC HPD)
• Status: Unavailable

The Neighborhood Redevelopment Program (NRP) conveyed clusters of occupied and vacant City-owned buildings throughout the city to selected community based non-profit organizations for rehabilitation and operation as rental housing. Non-profit organizations applied to participate in NRP through a competitive Request for Qualifications (RFQ) process. Sponsors were selected on the basis of previous ownership and management experience, financial qualifications and social services capacity. Once the properties were sold to the non-profit, rehabilitation was financed by New York City’s Department of Housing Preservation and Development (HPD) through a combination of City and federal funds at a cost of approximately $120,000 per unit, and equity was generated through the sale of Low Income Housing Tax Credits (LIHTC).