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

The Small Building Rehabilitation and Sales Program combined small buildings in close proximity to one another into one site, and then offered sites to developers through an Request for Proposals (RFP) process. The developer awarded the site was required to rehabilitate all the buildings with a mix of condominiums or other homeownership properties (1-3 unit properties), and rental units. New York City’s Department of Housing Preservation and Development (HPD) provided a no-interest construction loan to the developer to close the gap between the units’ sales prices and the developer’s costs. When the project was completed, HPD converted the subsidy of the construction loan into a no-interest permanent loan to the building purchaser. Sales prices of the ownership units were affordable to households with incomes between $20,000 and $53,000 in 1990. Rental units were made affordable to low- and moderate-income households.