NEW YORK CITY-The Bloomberg administration is launching a pilot program to retrofit foreclosed one to four-family homes to green standards. The announcement was made Friday by Sean Donovan, US Secretary of Housing and Urban Development, at a conference sponsored by the city’s Department of Housing Preservation and Development.

Initially, five homes will be retrofitted in a partnership between the HPD–where Donovan was commissioner before being tapped by the Obama administration–Restored Homes Housing Development Fund Corp. and Enterprise Community Partners. An HPD spokesman did not respond by deadline to GlobeSt.com’s inquiries regarding the locations of the properties, the cost of the pilot program or the number of foreclosed homes that could eventually be retrofitted to green standards.

The green pilot program is an offshoot of the Real Estate Owned Program that HPD and Restored Homes created, and which itself a component of the Bloomberg administration’s $7.5-billion New Housing Marketplace Plan to create and preserve affordable housing for 500,000 New Yorkers. HPD’s REO program uses a $24-million HUD grant awarded in January, and will acquire, rehabilitate and sell bank-foreclosed one to four-family homes in New York City to qualified low and moderate-income families, according to a release.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.