"A New York City pilot program will provide low-interest loans and technical assistance to help aging affordable housing cooperatives straighten out their finances and complete maintenance work. The two-year program will help 20 to 30 co-op buildings - impacting as many as 600 low-to-moderate income housing units - using $750,000 in funds. The technical assistance will help homeowners pay down debt, settle government arrears and renovate vacant units, among other things."
"Preserving existing affordable housing is part of the large puzzle that is solving the nation's affordable housing crisis, said Joseph Schilling, a senior research associate at the Urban Institute. The New York pilot program is one of several methods U.S. cities have tried to provide resources and technical assistance to property owners and landlords so they can complete the repairs needed to get their units safe and up to code."
New York City will launch a two-year pilot offering low-interest loans and technical assistance to help aging affordable housing cooperatives address finances and complete maintenance. The program will assist 20 to 30 co-op buildings, potentially affecting up to 600 low- and moderate-income units, using $750,000 in funds. Technical assistance will support debt repayment, settling government arrears, and renovating vacant units. Preserving co-ops sustains a rare path to homeownership for low-income residents and supports intergenerational housing stability and wealth building. Comparable efforts in Detroit, Cook County and Pittsburgh use funds, tax incentives and loans to keep units safe and up to code.
Read at Smart Cities Dive
Unable to calculate read time
Collection
[
|
...
]