Through Neighborhood Restore’s affiliate entities, Restoring Urban Neighborhoods, LLC (“RUN”) and Restored Homes Housing Fund Development Corporation (“Restored Homes”), affordable homeownership opportunities are made available to low- and moderate- income households. All homes are rehabilitated in compliance with all federal, state and local laws, statutes, ordinances, regulations and requirements.

 

Application Process

Potential homebuyers are selected through a lottery process administered by New York City Department of Housing Preservation and Development (“HPD”), Restoring Urban Neighborhoods, LLC (“RUN”) and Restored Homes Housing Fund Development Corporation (“Restored Homes”). If you are interested in purchasing a home, it is necessary to submit a homebuyer application. Once a homebuyer application is received and reviewed, the applicant will be contacted to discuss next steps including threshold criteria related to income and asset restrictions. Potential homebuyers should be prepared to supply financial documentation to determine programmatic qualifications. Applicants who are selected through the lottery process and meet program requirements will be given the opportunity to purchase a home. RUN and Restored Homes coordinate their efforts to support affordable homeownership by partnering with agencies approved by the United States Department of Housing and Urban Development (“HUD”) that provide counseling, financial literacy, and access to affordable homeownership opportunities as well as foreclosure prevention strategies.

Frequently Asked Questions

Are there homes available for purchase at this time?

Restored Homes HDFC is now accepting applications to participate in the Van Buren Greene Project of the New Infill Homeownership Opportunities Program. Applications must be postmarked by October 6, 2017.

Applications to participate in the Small Homes Rehab – NYCHA Program Cluster 1 must be postmarked May 1, 2017.  At this time, Restoring Urban Neighborhoods, LLC is not accepting applications.

Interested in receiving notifications regarding our future homeownership opportunities? Add your e-mail to our list of prospective homebuyers at the bottom of this page to receive updates about upcoming opportunities!

Are there affordable rental opportunities available through your organization?

Restoring Urban Neighborhoods, LLC primarily focuses on creating affordable homeownership opportunities for low- and moderate- income households. Please visit New York City Housing Connect to access information regarding affordable rental opportunities available through the City’s housing lottery.

Is it possible to submit a homebuyer application digitally?

Homebuyer applications cannot be submitted digitally at this time. Please follow the detailed mailing instructions on the homebuyer application.

What factors are considered in evaluating a homebuyer application?

Each homeownership program has specific program requirements and necessary homebuyer qualifications. The threshold criteria may vary by homeownership program and is detailed within the homebuyer application.

I submitted a homebuyer application to Restored Homes in the past. Do I need to submit a new application for a newly available home?

An application for any available homeownership opportunity is program-specific and submission of new homebuyer applications is necessary.

How many homebuyer applications can be submitted?

Only one homebuyer application can be submitted per household per homeownership program. All homebuyer applications are program-specific and submission of a new homebuyer application is necessary.

How can I find a housing counselor?

Please visit the Resources section of this website for a list of HUD-approved agencies that can provide homeownership counseling.