Program Transforms Abandoned Homes Into Housing

Homeworks, a program of the Department of Housing Preservation and Development in New York City, converts abandoned homes into much-needed housing.
November 26, 2001, 1pm PST | Abhijeet Chavan | @legalaidtech
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"Homeworks was established by the Department of Housing Preservation and Development in 1995 'to put back into productive use as housing distressed and vacant residential buildings largely clustered in city neighborhoods that were devastated by real estate abandonment, arson and disinvestment in the 1970's and early 1980's'... Under Homeworks, which grants subsidies that bridge the gap between costs of construction and selling prices, the city sells the properties to developers for $1 apiece. The developers then rebuild the houses and sell them at market rate."

Thanks to Abhijeet Chavan

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Published on Sunday, November 25, 2001 in The New York Times

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