Housing Development Fund Corporation (HDFC)
Encyclopedia
Housing Development Fund Corporation or HDFC is a special type of limited equity housing cooperative
in New York City
which is incorporated under Article XI of the New York State
Housing Finance Law. Under this law, the city of New York is able to sell buildings directly to tenant or community groups to provide low-income
housing. Many HDFCs were created through a process of co-op
conversion of a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives have been developed in the city.
Housing cooperative
A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. ...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
which is incorporated under Article XI of the New York State
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
Housing Finance Law. Under this law, the city of New York is able to sell buildings directly to tenant or community groups to provide low-income
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
housing. Many HDFCs were created through a process of co-op
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
conversion of a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives have been developed in the city.