Directory of NYC Housing Programs

Small Buildings Loan Program

The Small Buildings Loan Program provided loans for the moderate to gut rehabilitation of buildings containing between 1 and 20 units. Properties must have been at least 50 percent residential and privately owned. City Capital funds, loaned at one percent interest with a 30-year term, and Federal HOME Grant funds were combined with bank financing to produce a below-market interest rate loan. For-profit owners had to contribute 10 percent of project cost in equity, while non-profit owners had to contribute 2 percent of project cost in equity. Rents were set at market rate after rehabilitation is completed. Apartments in buildings with 3 or more units were placed under the New York State’s rent stabilization system.

Program Information

Alternative Names: Small Homes Private Loans Program
Scale: Small Scale (between 1 and 999 units)
Timeframe: Started 1992
Occupancy Tenure: Rental, Homeownership
Construction Type: Rehabilitation
Building Type: Multi-family, One- to Four-family
Developer/Owners: Non-profit, For-profit, Owner-occupant

Program Information

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