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

New York City Department of Housing Preservation and Development (HPD) created the Construction Management Program to engage the expertise of private construction management firms to renovate and sell large concentrated clusters of vacant, city-owned buildings to qualified non-profit organizations. HPD selected private construction managers through an Request for Proposals (RFP) process; the agency also chose non-profit organizations to own the buildings post-rehabilitation. To finance each projects development, HPD provided a zero-percent, 30-year enforcement mortgage with financing from bonds issued by Housing Development Corporation (HDC) and support from Battery Park City Authority revenue. Upon completion, HPD required that all units be rented to a mix of tenants. In this program, 30 percent of units were reserved for homeless individuals/families. Among units, 40 percent of units must be reserved for very low-income households, and 20 percent of units for low-income households.