The Cornerstone Program is an HPD multifamily new construction initiative that was designed to facilitate the construction of mixed income housing on City-owned land. Developers were selected on a project-by-project basis through a competitive Request for Proposals (RFP) process. The Cornerstone Program utilized a variety of funding sources including HPD's Low and Mixed Income Programs , New York City Housing Development Corporation's New Housing Opportunities Program (NewHOP), Low Income Affordable Marketplace Program (LAMP), and its former Affordable Cooperative Housing Program, New York State's Affordable Housing Corporation (AHC), Housing Trust Fund (HTF) and Homes for Working Families Program (HWF), and the New York City Housing Partnership Development Corporation. Selection criteria evolved over time to reflect changes in the local housing market. In the later rounds, preference was given for mixed income projects that provided the greatest mix of affordability, using the least amount of subsidy. Fifty-one (51) sites were awarded through four rounds of the Cornerstone Program, initiated in 2000. These sites will ultimately provide over 4,000 new housing opportunities for New Yorkers.
While all the Cornerstone sites have been awarded, the City may sell additional property for development through site-specific RFPs.