HPD’s Affordable Neighborhood Cooperative Program (ANCP) selects qualified developers to rehabilitate distressed city-owned occupied multi-family properties, managed by the Tenant Interim Lease Program, in order to create affordable cooperatives for low and moderate-income households.
ANCP provides low interest loans in the form of City Capital subsidy, in addition to construction and permanent financing sources provided by, but not limited to private institutional lenders and New York State Affordable Housing Corporation (AHC) programs. All ANCP properties are currently owned the by the City of New York. They will be transferred to Restoring Communities HDFC upon construction loan closing, and conveyed to a newly formed cooperative HDFC upon cooperative conversion.
For more information on the loan terms, see the ANCP term sheet.
244 Elizabeth Street is a 19-unit building that was renovated through ANCP.
The project took approximately three years from initiation to construction completion. Asian Americans for Equality (AAFE), a nonprofit developer, was selected from a Request for Qualifications (RFQ) and they selected ICM Global Design, Inc. as the general contractor.
508 West 134th Street is a 15-unit building that was renovated through ANCP.
The building will convert to cooperative ownership and has been funded through a private lender loan, HPD City Capital funds, and New York State Affordable Housing Corporation (AHC) grant funds.
Affordable Neighborhood Cooperative Program
100 Gold Street, Room 9-W7
New York, NY 10038