Directory of New York City Affordable Housing Programs

Program (?) SRO Loan Program
Related Programs Supportive Housing Loan Program
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 1985-1997
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 (?) Rental
Occupant Income Restrictions (?) Extremely Low-Income
Other Targeting Information (?) Homeless individuals
More Information NYC DCP (PDF)
Supportive Housing Network of New York

A New York City moratorium banning conversion or demolition of Single Room Occupancy (SRO) buildings, combined with rising homelessness rates during the mid-1980s, led the Mayor’s Office of SRO Housing to establish the SRO Loan Program in 1985. The program provided financing to non-profit sponsors for acquisition and rehabilitation of Single Room Occupancy buildings. In 1987, the SRO Loan Program moved to HPD, funded in part by a $45,000 fee landlords paid to avoid the moratorium on SRO conversion. The program provided one percent loans for up to 30 years, and a portion of the loan was forgivable in projects owned by non-profit organizations that provided permanent housing for homeless individuals.

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