Habitat NYC acquired a portfolio of vacant and dilapidated homes from the New York City Housing Authority (NYCHA) with the goal of rehabilitating them as affordable, energy efficient homes for low-income families who are first-time homebuyers. The 23 homes, 20 of which are in Queens and three of which are located in Brooklyn, were formerly in the Federal Housing Administration (FHA) program. Many of these properties have fallen into severe disrepair and have a negative impact on the surrounding community.
The rehabilitation of all of the homes will incorporate a sustainable design approach. Each home will also follow the strict guidelines of Enterprise Green Communities standards and Energy Star protocol. These standards will help create a cleaner, greener city and will ensure lower energy bills for the homeowners.
Habitat NYC will rehabilitate these homes and sell them to New York City families earning between 50% and 80% of the city’s area median income. Habitat homebuyers will invest at least 250 hours of “sweat equity” and a one percent down payment, and they will have access to a 30-year, low-interest, fixed rate mortgage provided by the State of New York Mortgage Agency (SONYMA).