Housing Development Fund Corporation or HDFC is a special type of limited equity housing cooperative in New York City which is incorporated under Article XI of the New York State Private Housing Finance Law (PHFL) and the Business Corporation Law (BCL). 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.
These housing cooperatives came into being through an enabling legislation, sections 570 to 583 of Article XI of the New York State PHFL, created by the New York City housing expert, Hortense W. Gabel, an who was appointed, by New York City Mayor, Robert F. Wagner, Jr., as the Rent and Rehabilitation Administrator in 1962. This enabling law was one of the first laws in the nation to provide seed funding to nonprofit organization to produce housing for low-income earners in New York City and was enacted by New York State Governor, Nelson Rockefeller in 1966.
See also
- Housing Conservation Coordinators
External links
- Urban Homesteading Assistance Board
- New York Council for Housing Development Fund Companies
References
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