NYC-WTC_000195490

NYC 9/11 Public Portal Document

The Office of Development’s Division of Housing Finance administers multi-family and small building disposition and loan programs. Through these programs, vacant City-owned buildings are rehabilitated and average of returned to the private housing market. This division is also responsible for the Supportive Housing Program, wo-family which over 2002-2005 will produce approximately 1,200 units pf supportive housing for mentally-ill and low- iisposition income New Yorkers, as well as for people with HIV/AIDS. I approved Capital Review

)perations The 2002-2005 Four Year Capital Plan for HPD is $2.0 billion, including $1.4 billion in City funding and It, not-for- $539 million in non-City funds. The agency continues to use its City capital sources to leverage State and Federal ity-owned funds as well as substantial private equity (which does not flow through the City’s capital budget). The Four Year \rticle 7A Plan reflects the City’s continuing commitment to affordable housing by funding the creation and preservation jffectively of units in City-qwned and privately-owned buildings. / / Under the Four Year Plan, the City will continue to pursue the “Buildingflocks I” strategy: the rehabilitation /ners with and sale of City-owned in rem residential buildings to responsible private owners, including tenant cooperatives, ! enforces not-for-profit organizations, and local entrepreneurs. A total of $843 million is provided to fund the occupied in rem mergency programs under this strategy, namely TIL, NEP, NRP, and Neighborhood Hofnes. This allocation will promote the hazardous disposition of roughly 9,100 housing units to private owners over 2002-2005. Through the use of asset sales and the cost of the tax exemption certificate program, HPD will be able to transfer additional housing units to the private sector. n 2002 to lers. Vacant buildings seized through tax foreclosure will be returned to the private sector primarily through the newly initiated Vacant Buildings Program, while the existing Homeworks and StoreWorks programs will continue 1, through through 2003. Fifty-two million dollars budgeted over the Four Year period in these three programs will produce DAA, by roughly 1,300 rehabilitated owner-occupied residential, rental residential, and rental retail units. hidings to lillion has Concurrently, the City will enhance its efforts to prevent abandonment of privately-owned buildings and or capital forestall their entry into City ownership by investing $531 million in programs providing financial and technical assistance to private landlords. The City will combine its current loan programs, such as Participation Loan (PLP), Article 7A (7A), Article 8A (8A), Small Homes Private (SHP), Home Improvement (HIP), and Senior Citizen ince Code Home Assistance (SCHAP), with the new Housing Preservation initiative. The Housing Preservation initiative violations will allow for tax delinquent property to be transferred to responsible new owners without the City taking title in and other the interim:: ; ; 290,000 a, DCE is i The Four Year Plan also includes funds for new construction projects to promote homeownership to families i. ' at various income levels. New Homes (NYC Housing Partnership) and Nehemiah provide for the construction of one- to three-family homes. The new Mixed Use program will fund new construction of mixed ; residential/cbmmercial developments, producing roughly 3,000 rental residential units and 875,000 square feet of retail space. Along with ANCHOR, these programs form the basis for the new construction projects being n of New built in conjunction with large-scale neighborhood redevelopment programs in Brooklyn, the Bronx, Manhattan, ned land. and Queens. i multiple ty-owned de for the mmercial wnership with, new ^sidential neowders 05. , I I I 205 \

NYC-WTC_000195701