What sets HDFCs apart from traditional co-ops is the financial structure. The state of the buildings will also vary. These function more or less like typical co-ops, though rules and regulations differ significantly depending on bylaws and each building’s board. A majority were concentrated on the Lower East Side and in Upper Manhattan, as well as throughout Brooklyn and the South Bronx.Īccording to the New York City Department of Housing Preservation and Development, there are now roughly 25,800 HDFC co-ops across 1,200 designated HDFC buildings. Most came about after the city seized thousands of derelict apartment buildings in the late 1970s, began fixing up the buildings, and allowed tenants to buy them for nominal amounts and turn them into low-income co-ops. HDFCs are a form of affordable co-op housing intended for New Yorkers to live in long-term, as opposed to being used as investment properties. But if you’re a buyer that fits the requirements and is willing to put in a bit of legwork-including doing some research, and working with a team of HDFC experts-affordable homeownership could be within your grasp. These unique requirements mean that apartments in great locations with surprisingly low prices (for New York real estate, anyways) often end up languishing on the market. Housing Development Fund Corporation cooperatives, better known as HDFC co-ops (which are also advertised as “income-restricted” or “restricted sale” apartments), are often priced much lower than a typical NYC apartment, but require buyers to meet certain income caps while also having significant financial assets on hand.
New York City’s affordable housing stock mostly consists of rental apartments, but for those who are in the market to buy, there is one reliable source for homeownership on a budget.
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