Housing Development Fund Corporation (HDFC)

Housing Development Fund Corporation or HDFC is a special type of limited equity housing cooperative in New York City [1] which is incorporated under Article XI of the New York State Housing Finance Law.[2] Under this law, the city of New York is able to sell buildings directly to tenant or community groups to provide low-income housing. Many HDFCs were created through a process of co-op conversion of a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives have been developed in the city.[1]

External links

References

  1. ^ a b Morris, Bill (June), "HDFC Low-Income Co-ops. The Last Gasp of Affordable Housing?", Habitat Magazine, http://www.habitatmag.com/publication_content/2008_june/featured_articles_from_our_print_magazine/hdfc_low_income_co_ops 
  2. ^ New York State Housing Finance Law Brief on HDFCs, April 8,, http://www.dhcr.state.ny.us/publications/legaldocumentsmanual/ldm0810.htm, retrieved 2009-07-16