Neighborhood Restore Housing Development Fund Corporation (“Neighborhood Restore”) and its affiliate not-for-profit entities collaborate with the New York City Department of Housing Preservation and Development (“HPD”) on programs that seek to foster neighborhood stabilization by efficiently transitioning properties from physical and financial abandonment to responsible third-party ownership. Neighborhood Restore also utilizes citywide partnerships to create affordable homeownership opportunities for households of low- and moderate- income. Neighborhood Restore is a supporting organization of Enterprise Community Partners, Inc. (“Enterprise”) and the Local Initiatives Support Corporation (“LISC”).
Since its formation in 1999, Neighborhood Restore has successfully implemented affordable housing development and preservation programs while maintaining strong relationships with government, lenders, and community partners. Over time, it has emerged as an incubator for housing development programs focused on transforming distressed properties into affordable community assets. In addition to developing and implementing its own housing programs, Neighborhood Restore supports community development efforts through construction management services, technical assistance, and homeowner support.
Affordable Rental Housing
Neighborhood Restore was formed to administer HPD’s Third Party Transfer (“TPT”) Program, fostering the creation and preservation of affordable housing throughout New York City by overseeing the stabilization, management and rehabilitation planning of distressed tax foreclosed properties. Neighborhood Restore has transferred over 520 properties (6,500 units) to responsible qualified affordable housing developers who have secured financing to undertake rehabilitation efforts and preserve these properties as affordable housing.
Through its affordable homeownership programs, Neighborhood Restore acquires, rehabilitates and sells foreclosed one- to three- family homes to qualified first-time homeowners, seeking to address the blight caused by abandoned “zombie” homes located in many New York City neighborhoods. Since 2006, Neighborhood Restore has successfully developed and sold over 200 homes. Neighborhood Restore also collaborates with its community and government partners through its involvement in the rehabilitation planning of former city-owned properties, transforming them into vibrant low-income cooperatives through HPD’s Affordable Neighborhood Cooperative Program (“ANCP”).
Additionally, by teaming up with HPD and our community partners, Neighborhood Restore acquires one- to four- family distressed mortgage notes through the Community Restoration Fund (“CRF”) Program, with the primary objective of providing affordable mortgages to existing homeowners, thereby mitigating neighborhood destabilization and blight. Neighborhood Restore has acquired over 60 distressed mortgages and is actively working on loss mitigation efforts.
Hurricane Sandy Recovery
Neighborhood Restore has supported Hurricane Sandy recovery efforts through its involvement with LISC NYC in a philanthropic initiative, the NRNYC Repair Program, by providing construction management repair services to over 500 low-income homeowners with storm-damaged homes. Additionally, Neighborhood Restore acted as a qualified plan and cost analyst and construction monitor on the Build-it-Back Multifamily Loan Program assisting more than 50 multifamily properties that suffered damage from Hurricane Sandy.
In conjunction with the City’s Build-it-Back Acquisition, Relocation and Buyout Program (“ARBP”), Neighborhood Restore purchases single family homes substantially damaged by Hurricane Sandy with the goal of assembling parcels for resilient redevelopment. Neighborhood Restore has acquired over 110 storm-damaged homes and in conjunction with HPD is determining the appropriate disposition pathway for each home.