Release date: 4/9/2015
Submission deadline: rolling
HPD is seeking not-for-profit organizations to participate in the Lower Manhattan Acquisition Program to preserve the affordability of housing in lower Manhattan. Working with funds made available by the U.S. Department of Housing and Urban Development (HUD), the Lower Manhattan Development Corporation (LMDC) has allocated $11.8 million to the City of New York for the preservation of affordable units through this program, which contributes to the efforts to rebuild and revitalize Lower Manhattan in the aftermath of September 11th.
Not-for-profit organizations may respond to the RFQ in order to become pre-qualified for participation in the program. To qualify, not-for-profit developers must have demonstrable experience owning, administering, and rehabilitating low- or moderate-income housing.
Eligible buildings are multi-family buildings containing at least five units in the program’s target area, where at least one unit is or will be rented to and affordable to a household earning no more than 80% of the Area Median Income (AMI). Eligible buildings must have at least one unit rented to, and affordable to, households earning no more than 80% of the Area Median Income (AMI).
The target area includes buildings located south of, or on, East/West Houston Streets, bounded by the Hudson and East Rivers in Lower Manhattan. Up to $125,000 per dwelling unit in acquisition funding may be available to fill the gap between private debt supportable by the acquired property or properties and the acquisition cost. The program funding will be based only on those units that are rented to and affordable to households earning no more than 80% of AMI.
Following acquisition, the nonprofit organization must maintain the affordability of the units by adhering to rent regulation laws, filling vacancies only with tenants whose incomes do not exceed 80 percent of AMI, and setting rents at affordable levels, for at least 30 years after acquisition.
Submissions will be accepted on a rolling basis. Completed forms and proposals may be sent to HPD via email to email@example.com or may be mailed to:
Lower Manhattan Acquisition Program
New York City Dept. of Housing Preservation & Development
100 Gold Street, Room 9-O7
New York, NY 10038
Inquiries should be directed to firstname.lastname@example.org.