Adler explains ANCP program structure and conversion requirements
Adler describes the Affordable Neighborhood Cooperative Program, which takes city-owned TIL buildings and enables existing tenants to become homeowners through gut rehabs. She explains the role of Restoring Communities HDFC, the 80% readiness training attendance requirement, and the fallback to rent-stabilized rental if conversion conditions are not met.
Next slide, please.
The basic overview of ANCP, the program, the Affordable Neighborhood Cooperative Program, it takes tenant-intram lease buildings.
These are buildings that have been city-owned in a pipeline for often about 40 years or more.
And it enables existing residents to become homeowners by doing substantial gut rehabs to these buildings that have fallen into disrepair and, in many cases, significant disuse.
This is done through partnering with a nonprofit or for-profit developer who manages the rehab and contracts it out.
While they do this, the site to avoid conflicts of interest is owned by the Restoring Communities HDFC, who also serves as the owner's rep.
The building, upon conversion, is then conveyed from Restoring Communities to the new homeowners themselves.
To be able to actually reach that conversion and to ensure that the building is set up for success, we require that 80% of insiders, so the existing homeowners, the existing tenants who will become homeowners, have to attend,
80% of them have to attend at least eight readiness trainings.
They have to remain current on their rent payments, and they have to choose.
to purchase these buildings or their units.
Should this not happen, then the building will instead become a rent-stabilized rental building with provided funds to ensure success in terms of this fallback, and we have an RFQ for different owners to pick up on.