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CoreData.nyc

Directory of NYC Housing Programs

Open Door

The New York City Department of Housing Preservation and Development’s (HPD) Open Door program funds the new construction of cooperative and condominium buildings affordable to moderate- and middle-income families. Where dictated by lot size, the program may also fund the construction of new one- to three-family homes. Upon construction completion, the developer will sell the ownership units to households who agree to owner-occupy their units for the length of the regulatory period. If the purchaser sells or refinances during the regulatory period, the purchaser may realize up to 2-percent appreciation on the original purchase price per year of owner occupancy. Upon resale, the purchaser will also be required to sell to a household making no more than the project’s income cap.

Program Information Help Icon

  • Alternative Name(s): Homeownership New Construction
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Medium Scale (between 1,000 and 4,999 units)
  • Timeframe: 2018 - Present
  • Occupancy tenure: Homeownership
  • Construction Type: New Construction
  • Building Type: Multi-family
  • Developers/Owners: Housing Development Fund Corporation (HDFC)
  • Income Restrictions: Moderate-income, Middle-income

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