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North                       The Indian Eye

                          AMERICANNewsline






         14                                                                                                           SEPTEMBER 26, 2025

                      Mayor Adams, Attorney General James,


        HPD Launch Pilot Program to Support Affordable



                                Co-Op Owners in New York City



          Pilot Program Builds on Adams Administration’s Ongoing Efforts to Support Homeownership and
                                           Make New York City Best Place to Raise a Family


        OUR BUREAU                                                                                            HDFC co-ops through the pilot program
                                                                                                              and address various common issues, in-
        New York, NY
                                                                                                              cluding:
               ew York City Mayor Eric                                                                           Address  Municipal  Arrears  and
              Adams, New York Attorney                                                                        Other Outstanding  Payments:  Enable
        NGeneral Letitia James, and                                                                           the co-op to pay off any debt owed —
        New York City Department of Hous-                                                                     such as bills that are past due to the
        ing Preservation and Development                                                                      New York City Department of Finance,
        (HPD) Acting Commissioner Ahmed                                                                       New York City Department of Envi-
        Tigani  have announced  a  new pilot                                                                  ronmental Protection, and utility com-
        program to support struggling Hous-                                                                   panies — through a sustainable repay-
        ing Development Fund Corporation                                                                      ment plan or by refinancing the arrears
        (HDFC) cooperatives in New York                                                                       with a below-market loan product.
        City and ensure they can continue to                                                                 •  Stabilize Finances: Take steps to im-
        offer safe, affordable homeownership                                                                    prove the co-op’s financial health by
        opportunities for low- and- moder-                                                                      increasing or restructuring mainte-
        ate-income New Yorkers. Through                                                                         nance  fees,  refinancing  debt,  iden-
        the pilot program — called the                                                                          tifying unnecessary expenses, hiring
        HDFC Cooperative  Technical Assis- gram and for her steadfast support for  impact of affordable homeownership,   third-party property management
        tance Program (CTAP), and which   working-class New Yorkers. Whether  some co-ops are struggling to manage   companies, and implementing sus-
        is backed by settlement funds from   it’s shattering affordable housing re- their finances and maintenance needs.   tainable cost-saving measures.
        the Office of the New York Attorney  cords year after year, passing the first  Many HDFC co-ops in New  York  •  Support Renovations and Address
        General — Urban Homesteading As-  citywide zoning reform in six decades,  City  could  benefit  from  technical  as-  Housing Violations: Help co-ops ex-
        sistance Board (UHAB) will provide   or finding creative ways to build more   sistance as well as support with gover-  plore financing options to complete
        HDFC co-ops in New York City with   family-friendly neighborhoods, there   nance issues, shareholder engagement,   repairs, including bringing vacant
        targeted technical assistance to help   is simply no other way to say it: we are  and legal matters impacting a co-op’s   units back online so they can be sold
        improve  their  financial,  operational,  the most pro-housing administration  ability to sell units. CTAP will help   to prospective shareholders. Guide
        and physical health. CTAP builds on   in New York City history.”    directly address these challenges and   the co-op in addressing outstanding
        the Adams administration’s ongoing   “As New York City faces a housing   strengthen selected co-ops.    building violations that may prevent
        work to help more families achieve   crisis, we must do everything we can   During the two-year program   the co-op from moving forward with
        and maintain homeownership, includ- to preserve affordable housing and   period, HPD will work closely with   rehabilitation projects.
        ing by expanding the city’s HomeFirst  homeownership opportunities,” said  UHAB to identify a priority list of  •  Establish Good Governance Practices:
        Down Payment Assistance Program  Attorney General James. “This pilot   struggling HDFC co-ops that could   Aid the co-op in resolving gover-
        to help more homebuyers with their  program will help HDFC co-ops con- benefit  from  support.  Together  with   nance issues by establishing or up-
        first  down  payment  or  closing  costs   tinue to provide safe, sustainable, and  HPD, UHAB will assess each HDFC   dating rules and regulations.
        and launching a new rent reporting pi- affordable paths to homeownership   co-op’s operations, governance struc- •  Support Estate and Probate Issues:
        lot to help tenants build credit through   for low-income New Yorkers. I am   ture,  financial  needs,  and  physical   Engage attorneys to help the co-
        monthly rental payments.          grateful to Mayor Adams, HPD, and   needs to create and implement an   op’s shareholders  and boards with
           “Our administration works every  UHAB for their partnership in bring- actionable stabilization plan tailored   estate planning and probate issues.
        day to make New York City the best  ing this new program to life.”  to the specific co-op. Participating co-  This pilot program is funded by the
        place to raise a family, including by   HDFC co-ops are an important  ops will also have access to a low-in- Office of the New York State Attorney
        helping more New Yorkers buy and   part of New York City’s affordable   terest, flexible financing fund offered  General as a result of the 2012 National
        keep homes here in the five boroughs.  housing landscape and provide one of  for urgent financial or physical needs.  Mortgage Settlement — which secured
        With this new program, we’re doubling  the most reliable paths to homeown- This technical assistance program ex- $25  billion  from  five  of  the  nation’s
        down on those efforts, bolstering a  ership for low- to moderate-income   pands HPD’s existing work to provide   largest mortgage services — and the
        critical part of our city’s housing stock  New Yorkers. There are over 1,200   training and technical assistance to  2013 Residential Mortgage-Backed
        and helping more families find an af- limited equity HDFC cooperatives in   limited equity co-ops, as well as finan- Securities Working Group — which
        fordable  place to  live,” said  Mayor  New York City. While most HDFC co-  cial assistance offered through HPD’s   secured a $13 billion settlement from
        Adams. “Our thanks to Attorney Gen- ops are financially stable and demon- loan and tax exemption offerings.   JPMorgan Chase for the company’s
        eral James for helping launch this pro-  strate the positive, multigenerational  UHAB will assist approximately 20-30   role in the mortgage crisis.


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