Housing Development Fund Corporation

Housing Development Fund Corporation or HDFC is a special type of limited equity housing cooperative in New York City [1] which is incorporated under Article XI of the New York State Private Housing Finance Law (PHFL) and the Business Corporation Law (BCL).[2] 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.[1]


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References

  1. 1 2 Morris, Bill (June 2008). "HDFC Low-Income Co-ops. The Last Gasp of Affordable Housing?". Habitat. Retrieved November 16, 2012.
  2. ↑ New York State Housing Finance Law Brief on HDFCs, April 8, 2008, retrieved 2009-07-16
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