HPD has created tens of thousands of affordable homes as shareholder-owned Housing Development Fund Corporation (HDFC) cooperatives, making them a significant part of the fabric of New York City's affordable housing. Incorporated under Article XI of the Private Housing Finance Law, HDFC coops benefit from reduced real estate taxes in exchange for following certain standards for the selling and renting of apartments. Additionally, HDFC board members should exhibit careful, ethical behavior in carrying out their responsibilities. HPD is authorized to remove this benefit if the agency determines that the HDFC’s requirements are being violated.
Please see the supplementary material below to learn more about HDFC Cooperatives and additional resources.