Under this program, vacant City-owned buildings are completely rehabilitated by experienced developers and sold to individual homebuyers at market prices. There are no income limits for buyers nor any limits on rent levels or incomes for rental units. The program produces 1-4 family homes and condominium apartments.
Developers are responsible for the design, construction and marketing of the homes.
There are no income restrictions for homebuyers and no limitations on the rents which may be charged by homeowners for any rental units. At least one unit in the home must remain owner-occupied for twenty years following the initial purchase of the home from the developer. Uniformed members of the New York City Police Department who have successfully completed their two-year probationary periods are eligible to participate in NYPD Home. Applicants must meet certain financial and credit requirements to be approved for a mortgage. The home must be your primary residence.