$275M Fund to Buy Rent-Stabilized Apartments
The next time an older, rent-stabilized apartment property is listed for sale in New York City, affordable housing developers may be well-positioned to make the top bid.
City officials announced a $275-million public-private fund to provide acquisition financing to nonprofit and mission-driven housing developers. The money should help these buyers compete with buyers who have often targeted New York City’s rent-stabilized buildings with plans to sharply raise the rents.
The program aims to help affordable developers preserve the affordability of 1,000 affordable apartments each year, for a total of 7,500. It is the first piece of New York’s new affordable housing goal to preserve 300,000 units of affordable housing.
“We are excited to act even more boldly and decisively by tackling this new, more aggressive goal and by deploying more tools to safeguard affordability,” said Maria Torres-Springer, commissioner for Housing Preservation and Development (pictured).
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