Housing Development Fund Corporations (HDFCs) are affordable housing co-ops legally designated to provide housing to low-income people in New York City. These co-ops are collectively owned and operated by their residents (“shareholders”) who democratically elect a board every year, and make collective decisions about their expenses, energy needs, and roles in the building. Instead of rent, HDFC shareholders pay a monthly maintenance fee. These fees—collected in the cooperative’s bank account and controlled by a democratically elected board—fund the daily operations of the building. HDFCs house majority people of color, and are most often run by women of color. HDFC co-ops offer a model of decommodified, community-controlled housing.
1,200 HFDC co-ops across NYC provide housing for 30,000 low-income households across the Bronx, Brooklyn, Manhattan, and Queens.
HDFCs are a type of limited-equity co-op, meaning the emphasis is on the value of living in the building rather than the value of selling a unit.
Looking to live in an HDFC? Learn more about homeownership opportunities.