UHAB is excited to announce the launch of our newest project, the Co-op Improvement Program, created to provide specialized support to New York City’s distressed HDFC co-ops.
262 HDFC co-ops housing over 5,500 families across New York City are designated as “distressed.” That means they have high debt or serious structural issues. If these co-ops are left without immediate support, their residents and shareholders will be in danger of foreclosure and risk losing their ownership and equity. UHAB began identifying these buildings and this urgent issue even before COVID, but once the pandemic hit New York City, these already vulnerable communities face even more challenges.
We’re proud to launch the Co-op Improvement Program, a unique opportunity to engage each of the 262 distressed HDFC co-ops over the next four years, and do preventative outreach to co-ops down the line in order to ensure they don’t fall into distress. Through the Co-op Improvement Program, our team is doing outreach and creating a work-out plan for each HDFC co-op to get back on track to financial health. We are also developing and training resident leaders in each building, so residents have the power and resources they need to steer their own cooperative housing far into the future.
New Yorkers can’t lose this affordable housing. HDFC co-ops are a vital part of the New York City housing landscape that provide a rare opportunity for low-income homeownership. Most residents earn below 80% of area median income and would otherwise be priced out of their neighborhoods. UHAB is working to keep these buildings in the hands of the communities who need it, and make sure this deeply affordable housing is financially viable for the long haul.
This program launch is made possible through generous support from the Oak Foundation over four years, and in our first year, Goldman Sachs. Additional support will ensure every HDFC co-op is accounted for and all the resources each resident needs are provided to them for free.
We’re hiring! If you would like to learn more about working on the Co-op Improvement Program, visit our job listing.
For HDFC Co-op Shareholders
The Co-op Improvement Program provides free assistance for HDFCs that meet certain requirements for distress. If your HDFC isn’t distressed according to the City guidelines, we can still help you through other free and paid UHAB services. Please fill out the following survey, and we’ll be in touch with you as soon as possible.