Frequently Asked Questions

A Housing Development Fund Corporation is a form of affordable co-op created in the 1970s that helped low-income New Yorkers become homeowners. HDFCs are privately-owned, and have a very simple arrangement with the City of New York to remain affordable for the shareholders who live there: In exchange for an income limit on new buyers, the City provides a modest break on our real estate taxes to help lower our operating expenses.

With the current HDFC tax break expiring in 2029, HDFC co-ops face a jump in operating costs, legal uncertainty, and inconsistent city oversight that threatens our affordability.

S880/A2707 updates the law to make clear that ALL HDFCs that apply income limits get a bigger and more meaningful tax break, without having to sign an onerous Regulatory Agreement. The bill strengthens the legal framework that keeps HDFCs affordable and self-governed and protects residents from being exploited.

No. It simply updates the applicable regulations to take into account the rising cost of maintaining an older building, in order to make sure HDFCs remain affordable for the people who live in them, and ensure they stay financially viable, so each HDFC can determine its own future.

To calculate your taxes after 2029 if the Jackson-Taylor HDFC bill doesn’t pass, click on our tax calculation sheet.