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Multifamily Loan Program

The Build It Back Multifamily Loan Program provides funding for repairs and resiliency improvements to eligible multifamily properties that sustained damage due to Hurricane Sandy. Eligible properties include rental buildings, condominiums, and co-operatives within New York City. Additionally, reimbursement assistance may be provided to eligible property owners who completed Hurricane Sandy repair work with personal funds.

The program offers ‘evaporating loans' with zero payments and zero interest to cover the cost of work to repair damage from the storm and improve the resilience of residential buildings to future storms. Loans evaporate at the end of five to fifteen-year terms and no repayment is required unless the property is sold or refinanced during the loan term.Assistance is provided in the form of a grant to owners of individual condominium and co-operative units located in buildings with five or more units. Through this program, LISC NYC is administering $15 million in Community Development Block Grant funds in partnership with the NYC Department of Housing Preservation & Development (HPD) and the Mayor's Office of Housing Recovery (HRO).