HDFC Loan Program
HCC operates a low-interest, revolving loan program for limited-equity cooperatives in the Hell's Kitchen/Clinton neighborhood. Since 1988, HCC has loaned hundreds of thousands of dollars to neighborhood cooperatives to address building emergencies. HCC also provides ongoing technical support and assistance accessing subsidy programs, such as Weatherization Assistance, Section 8, etc. If you are interested in applying for this program, please take a look at the Building Loan Application, and stop in during our intake hours.
HCC staff will also work with your building officers and shareholders to resolve more complicated issues and provide on-going assistance. Typical assistance includes:
Compliance Issues: Review by-laws, ensure legal compliance, i.e., holding regular shareholder and officer meetings, regular election of officers.
Building active and healthy board & shareholder involvement: Including leadership development.
Legal Assistance: Provide legal assistance to HDFCs on compliance issues, drafting by-laws, establishing re-sale policies.
Financial Assistance: Review annual budgets, help plan for emergencies and provide assistance in accessing financial subsidies, through such programs as:
Weatherization: Help HDFCs access public grant funds, such as Weatherization Assistance Program or NYSERDA which fund energy-efficient measures.
HDFC loan program: HCC operates a low interest loan program for neighborhood HDFCs, as detailed above.
Private/Not-for-profit financial assistance: HCC staff assist cooperatives to access low interest loans and grants from other not-for-profit organizations to address building emergencies.
Other public financial resources: HCC staff assist HDFCs to access funds through HPD's 8A Loan Program and to obtain J-51 tax abatements.