The Housing Partnership administers Land Bank NYC to acquire property that may be used for stand-alone affordable housing sites or combined with larger parcels for development.

      As New York City’s land banking entity, the Housing Partnership will acquire surplus city-owned land and buildings, land and buildings from nonprofits and religious entities, private sites, and other transferred development rights.  Land Bank NYC acquisitions may encourage sites with  greater density and financial feasibility, increasing the supply of affordable housing for working New Yorkers.    

     Land banking will require substantial start-up investment and new financing sources and structures to carry costs between the time we acquire, develop, and sell the affordable units. Because land banking is long-term and capital intensive, two to five years may elapse before construction begins.  Furthermore, loan closings may require considerable time to consummate.  A major source of financing and “patient capital” for these acquisitions will be the $200M New York Acquisition Fund.    

     We expect these acquisitions to generate between 8,000 and 10,000 units of new affordable housing construction by 2012. 

     Interested parties should contact John Abramo, the Housing Partnership’s Director of Real Estate Development at 646-217-3375.