Development

UHAB is the only group in New York City that specializes in developing affordable housing co-ops. We have rehabilitated over 70 buildings since beginning development in 2002.

Initially, UHAB's priority was to promote and enable development of affordable housing co-ops.  However, shifting city housing policies have sped up the disposal or transfer of buildings that used to go into city ownership because of overdue property taxes.  This opened up new possibilities for affordable co-op creation.

Our development role has now expanded to include:

  • Interim owner and manager
  • Development partner overseeing renovations
  • Securer of financing for rehabilitation
  • Provider of technical assistance and training of residents

UHAB is neither a landlord nor a management company. All management and ownership by UHAB is temporary. The property is conveyed to the building’s new shareholders when construction and paperwork is complete.

How Co-ops are Created

Third Party Transfer

City quickly forecloses upon or sells privately-owned tax-delinquent properties to responsible owner, such as UHAB.

Negotiated Sales

Private negotiations between UHAB and the owner results in the sale of the building to UHAB.

Asset Sales

NYC sells city-owned, occupied, multiple-dwelling buildings to prospective eligible residential and commercial tenants.

Auction

UHAB bids in a private or public auction on foreclosed, occupied multifamily residential property, if tenants wish to pursue a co-op.

Our development pipeline continues to grow as the city renews and enacts new programs.  At the completion of our current pipeline in 2010, UHAB will have built 2,000 new co-op apartments for longtime renters and new buyers in New York City.