Organization Name: LISC NYC
Project Title: New York Land Opportunity Program
Project Location: Citywide
LISC NYC’s New York Land Opportunity Program (NYLOP) equips mission driven organizations to develop and preserve affordable housing on their land, while remaining in place. In 2018, we expanded this program to support owners of HUD 202 PRAC senior housing to take advantage of new federal changes, giving them the opportunity for the first time to access new financing for much needed capital repairs to their properties. Previously, the structure of HUD 202 PRACs did not make it possible for owners to obtain long-term financing for this aging housing stock. This year, the U.S. Department of Housing and Urban Development released guidance on the expansion of the Rental Assistance Demonstration (RAD) program, allowing HUD 202 owners to leverage new capital for critical repairs. Through NYLOP, LISC NYC supports HUD 202 owners in NYC to navigate this process. We are offering a series of workshops on RAD and providing targeted technical assistance to a select cohort of HUD 202 owners.
NYLOP will help to preserve critical affordable housing for very low-income seniors.
Between 1990 and 2012, Congress funded the construction of approximately 100 HUD 202 projects across NYC, housing over 8,000 low-income seniors. This represents an invaluable source of affordable senior housing in New York City, where the senior population is growing faster than the housing stock can keep up.
Through NYLOP 2.0, LISC NYC has offered several workshops that have reached more than half of HUD 202 owners across the city, informing them about the opportunity to preserve their buildings through RAD. Additionally, LISC NYC has selected six HUD 202 owners to receive targeted technical assistance throughout the process of putting together a RAD conversion application. Our support includes how to interpret HUD's guidelines, prepare a capital needs assessment, create a financial plan with underwriting that meets HUD's guidelines, compile documentation, and comply with HUD's requirements, including environmental assessments and tenant notifications. The program aims to result in the preservation of over 1,000 units of HUD 202 senior housing units in NYC.
LISC NYC supports local partners who invest in people and places to create a more equitable, inclusive, and sustainable New York City. We do this in three main ways. We provide financial and human capital to build the capacity of our partners and improve neighborhoods. We invest in affordable housing, businesses, and neighborhood assets to improve social, economic, and physical health. We amplify the voices of disenfranchised communities and advocate with them for policy solutions and resources.
NYC Department of Housing Preservation and Development (HPD), the Mayor’s Community Affairs Unit and LiveOn NY.