Decoding the acronym H.D.F.C.
WHAT DOES D.H.F.C. Mean for a buyer?
The exact term means "Housing Development Finance Cooperation." However, deciphering the acronym does not give any helpful indication of how it affects buyers.
So here's our definition of it:
HDFC is the process of converting a city-owned building to a resident-owned co-op, with the expectation that it keeps the building affordable. This rule requires a two year trial period with the co-op reporting its monthly progress before granted official co-op status.
This status is similar to the city's affordable housing and rent control efforts, where building owners can take advantage of tax benefits in exchange for stabilized rent increases and affordable housing.
What does HDFC mean for you as a buyer?
Well, to qualify for an apartment being sold with HDFC status, you must fit into a specific income bracket. These brackets vary on the area median income, also known as AMI, of the neighborhood it resides.
More in-depth information about HDFC can be found on the NYC DHC Website.
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