In partnership with the owners of current HUD-assisted properties, Mitchell-Lamas, and developments financed through past City disposition programs, the City is launching Housing+, an initiative designed to add new housing on underutilized land while addressing the rehabilitation and financing needs of existing developments. Through the enactment of Zoning for Quality and Affordability (ZQA), which opened up opportunities to build new senior and affordable housing on existing underused parking lots, and by unlocking potential on other regulated affordable housing sites, the City can work with owners to create hundreds of new affordable housing residences.
Housing+ is an initiative targeted to owners of regulated housing (i.e. HUD Assisted or Mitchell-Lama) to create new affordable housing on excess or underutilized land while addressing the rehabilitation and financing needs of existing regulated developments.
Many older, publicly-financed projects were developed on land conveyed by the City of New York for a specific purpose, described in detail in the disposition approval documents from that time. Any changes will likely require approvals from the City.
The process to modify a City deed and other related documents requires careful legal review, a public hearing, and in some cases a full ULURP. It's critical to have an attorney review the disposition documents relating to your project site as soon as possible if development is being considered.
HUD documents from the original project finance closing may also need to be amended if new construction is contemplated. Documents to look for and review: