Affordable Housing
Neighborhood Homes
Program –
The
dream of homeownership is elusive to
many families in New
York City. Neighborhood Homes provides
affordable
homeownership opportunities for working-class families in
the many
neighborhoods in NYC. LISC has lent nearly $30 million of
predevelopment and
construction funds towards the effort. The program
works in partnership with the
Department of Housing Preservation and
Development and was launched with a
generous grant and $16M from
Citigroup to establish a revolving loan fund that
will generate more
than $60 million for the program over the next five
years. LISC NYC has also developed a
Neighborhood Redevelopment Program (NRP) – NRP is a longstanding partnership with the City’s Department of Housing Preservation and Development wherein LISC facilitates the annual transfer of thousands of units of derelict or abandoned city-owned property to CDCs for renovation and development. This widely studied program has been heralded as a model public-private partnership resulting in efficient production and maintenance of decent, safe affordable housing. To date more than 16,500 housing units have been rehabilitated. LISC and its affiliate, the New York Equity Fund, have contributed more than $900 million towards the cost of this effort.
Neighborhood Restore –Neighborhood Restore is a unique and innovative solution to the problem of acquiring and transferring title to tax-delinquent properties. Neighborhood Restore temporarily takes title to these properties and helps facilitate their transfer to local community groups and for-profit managers for development into clean, affordable homes.
Neighborhood Entrepreneurs Program – LISC's affiliate, the New York Equity Fund, invests funds towards the rehabilitation of tax foreclosed, city-owned properties that are then transferred to community-based entrepreneurs to own and manage. More than 4,000 units of housing have been transferred and NYEF has invested in excess of $190 million to the effort.
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