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PRESENTATION
Purpose and structure of the West 128-129th Street Cluster project
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ยท
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The project aims to gut renovate Tenant Interim Lease (TIL) buildings and enable existing residents to become homeowners. The structure involves collaboration between multiple entities to manage the conversion process.
- West Harlem Group Assistance Inc. will partner with HPD to manage the building during construction and conversion.
- Restoring Communities HDFC will temporarily own the building during construction to prevent conflicts of interest.
- Upon conversion, the building will be owned and managed by existing residents and new purchasers of vacant units.
Regina Lovitt
0:18:18
The purpose of this project is to gut renovate the tenant interim lease or till buildings and to enable the existing residents, of which there are 38 in this cluster, to become homeowners.
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The structure of this project will be collaboration between the sponsor, West Harlem Group Assistance Incorporated, of whom we have Donald Notis with us today, partnering with HPD.
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The the sponsor will manage the building during construction and throughout the conversion process.
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During construction, the nonprofit Restoring Communities HDFC will own the building to prevent any potential conflicts of interest with the sponsor.
0:18:51
Upon conversion, the building will be owned and managed by the residents of the buildings, all of which include the existing residents and new purchasers of the currently vacant units.