1106 Boynton Avenue in the Bronx Before/After Rehabilitation Financed through PLP

The Preservation Participation Loan Program (PLP) provides low-interest loans to private residential building owners for the moderate-to-gut rehabilitation of housing for low-to-moderate income households. City Capital funds, loaned at below-market interest with a thirty year term, and/or Federal HOME Grant funds are combined with bank financing to produce a below market interest rate loan.  Funds may also be used for refinancing or acquisition in conjunction with rehabilitation. A small percentage of the loan may be for payment of property tax arrears.

After rehabilitation, real property taxes may be eligible for abatement through the J-51 Program for buildings of 3 units or more. All apartments are placed under New York State’s Rent Stabilization System.  For 1-2 unit buildings, real property tax abatements may be available through the 421-b Program .

686 Washington Ave. in Brooklyn Before/After Rehabilitation Financed through PLP

For more information about loan terms, eligible applicants, and participating banks, please download the Preservation Participation Loan Program Term Sheet  (in PDF) 

Applications for the Preservation Participation Loan Program for multiple dwellings (8 or more units) may be obtained at any participating lending institution. Please refer to the Term Sheet for bank contact information.

Applicants for 1 and 2 family homes must apply through
Neighborhood Housing Services (NHS). NHS is also receptive to applications for small multiple dwellings. Download the PLP/ NHS application on line (in PDF).

Eligible Applicants:

•  For-profit owners, Not-for-profit owners, and homeowners
•  Principals must have acceptable credit (no pending collection actions, foreclosures, etc.)

Eligible Properties:

• Vacant and occupied privately –owned residential and mixed-use buildings for low to moderate income tenants
• 1 and 2 family buildings which are owner-occupied
• SRO’s

Phone Number: (212) 863-6447
Click here to learn about other building rehabilitation loans