Monday, August 08, 2005

HPD Loan Program Brings Unoccupied, Dilapidated Apartments Back to Use

"Residential Building Owner Information"

HPD Loan Program Brings
Unoccupied, Dilapidated Apartments
Back to Use

551 Southern Boulevard in the Bronx.
Ten dilapidated apartments upstairs
were rehabilitated through HPD's
New Partners Program.

Syed Momin, a pharmacist from Pakistan, bought an abandoned building in the South Bronx in 1992. He used the first floor for his pharmacy, but he kept the ten dilapidated apartments upstairs unoccupied. "I was interested only in the pharmacy, not in the building," he said. "And the building was in such bad condition no one could go upstairs."

The Department of Housing Preservation and Development (HPD) works with owners to rehabilitate units as a way to add to the city's supply of much-needed housing. HPD has a loan program for owners like Mr. Momin, who have small buildings with ground-floor commercial spaces and vacant apartments upstairs. Momin qualified for a low-interest loan for a gut rehabilitation of his building through HPD's New Partners Program.

Building owner Syed Momin
in front of his pharmacy.

And during the rehabilitation, "I didn't close my pharmacy for one day," Momin said. All of the apartments in Momin's building, 551 Southern Boulevard, have already been rented. Momin still just wants to focus on his pharmacy, so a management company is handling the apartments for him.

If you would like to learn more about HPD's New Partners Program, visit the HPD website at:

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