New York Land Opportunity Program for Senior Housing

LISC NY’s New York Land Opportunity Program (NYLOP) equips mission driven organizations to develop and preserve affordable housing on their land, while remaining in place. In 2018, LISC NY expanded NYLOP to reach a new set of mission-driven organizations: HUD 202 PRAC senior housing owners to preserve and develop new affordable housing for low-income seniors.

Developed in partnership with the NYC Department of Housing Preservation and Development (HPD), and senior advocacy organization LiveOn NY, this program comes in response to recent federal changes which give HUD 202 owners the opportunity—for the first time—to access new financing for much needed capital repairs to their properties.

"Through NYLOP, we’re empowering this city’s faith-based and mission-based organizations to create the types of affordable housing that their neighborhoods need."

— NYC HPD Commissioner Louise Carroll

Previously, the structure of HUD 202 PRACs did not make it possible for owners to obtain long-term financing for this aging housing stock. In 2019, the U.S. Department of Housing and Urban Development (HUD) released guidance on the expansion of the Rental Assistance Demonstration (RAD) program, allowing HUD 202 owners to leverage new capital for critical repairs. Through NYLOP, LISC NYC supports HUD 202 owners in New York City to navigate this process.

In July 2019, LISC NY selected six HUD 202 owners to receive targeted technical assistance throughout the process of putting together a RAD conversion application. Our support includes how to interpret HUD's guidelines, prepare a capital needs assessment, create a financial plan with underwriting that meets HUD's guidelines, compile documentation, and comply with HUD's requirements, including environmental assessments and tenant notifications. The program aims to result in the preservation of over 1,000 units of HUD 202 senior housing units in New York City. This represents an invaluable source of affordable senior housing in New York City, where the senior population is growing faster than the housing stock can keep up. Read more on The Wall Street Journal and CityLimits.org.

Congratulations to the following groups selected for HUD 202 NYLOP assistance:

Belmont Arthur Local Development Corporation in the Bronx
Bethany Housing Fund Development Corporation in Manhattan
Casa Victoria Housing Fund Development Corporation in Manhattan
Metropolitan Council on Jewish Poverty in Brooklyn and the Bronx
Wartburg Housing Development Fund Corporation in Brooklyn
West Harlem Group Assistance in Manhattan

Workshops

In 2018-2019, LISC NY completed three workshops for HUD 202 owners, reaching more than half of HUD 202 owners across the city. These workshops were designed to assist HUD 202 housing owners to navigate HUD’s guidance on RAD for PRAC. Topics included: an overview of RAD for PRAC, the role of government agencies, and best practices on preparing for a successful conversion.

Thanks to our Partners!

NYLOP is a LISC NY partnership with the NYC Department of Housing Preservation and Development, NYC Department of Veterans’ Services and the Mayor’s Community Affairs Unit, and LiveOn New York.

This program is made possible with the generous support of JPMorgan Chase, the Fan Fox and Leslie R. Samuels Foundation and Trinity Church Wall Street.

We are also grateful for the support we receive from: BankUnited, Capital One, M&T Bank, Santander Bank, and Valley National Bank.