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

The Neighborhood Housing Services (NHS) Housing Development Fund Corporation purchased infill in-rem sites and constructed 15 two-family homes in the South Bronx in order to provide homeownership opportunities to low-income households and to complete development of the last vacant, city-owned infill properties in the neighborhood. Construction financing was provided through loans from private lenders, subsidies from New York City’s Department of Housing Preservation and Development (HPD), and a grant from Fleet Bank (later Bank of America). New York City also provided tax exemptions for the homes pursuant to Section 696 of the General Municipal Law. The New Neighbors Program was a finite resource to develop these 15 homes, and therefore no longer finances new projects.