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

The Affordable Neighborhood Cooperative Program (ANCP) selects qualified developers to rehabilitate distressed city-owned, occupied multi-family properties, managed by the Tenant Interim Lease Program, in order to create affordable cooperatives for low- and moderate-income households. ANCP provides low interest loans in the form of a City Capital subsidy of up to $200,000 per unit, in addition to construction and permanent financing sources provided by, but not limited to, private institutional lenders and New York State Affordable Housing Corporation (AHC) programs. All ANCP properties are owned by the City of New York until they are transferred to Restoring Communities HDFC upon the closing of the construction loan and conveyed to a newly formed HDFC upon cooperative conversion. Projects are eligible for Article XI tax exemption for up to 40 years.