[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.
[1] The original goal of NYC HDFCs in the early 1980s was to salvage neglected housing stock[3] while lifting people out of poverty and low income status by giving them home ownership.
The HDFCs get a small tax break from the city, but otherwise shareholders are 100 percent responsible for all repairs and upkeep of the buildings—roof, boilers, steps, water and so on—similar to a regular coop or condo.
[6] HDFC units were created to provide affordable housing to people living with low to middle income.
This can disqualify many people with low incomes that cannot afford to make the down payments required by the HDFC co-ops.