dhcd

Department of Housing and Community Development
 

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Tenant Opportunity to Purchase Assistance

DHCD provides assistance to tenant groups that are threatened with displacement due to the sale of their apartment building. DHCD provides both financial assistance and technical assistance. provides free, specialized organizational and development services for tenant groups who are pursuing the purchase of their apartment buildings with the intention to convert them to cooperatives or condominiums.

DHCD provides seed money, earnest money deposits, and acquisition assistance to tenant groups that are threatened with displacement due to the sale of their apartment building. With DHCD’s assistance, the tenant groups are able to purchase the building and convert the units into cooperatives or condominiums. More than 1,000 units have been preserved as affordable housing since FY 2002. This program not only helps residents avoid displacement, but it helps them become homeowners.

DHCD also provides free, specialized organizational and development services for tenant groups who are pursuing the purchase of their apartment buildings with the intention to convert them to cooperatives or condominiums. Services can include assistance with structuring the tenant association, preparation of legal documents, and help with loan applications.

Contact TTY: 
711