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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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