A city-owned rental housing development has been converted into permanently affordable homeownership opportunities in New York City.
Developed by Genesis Cos. and Habitat for Humanity New York City and Westchester County, ANCP Morningside features 36 homes for low- and moderate-income families.
The effort was spurred by the Department of Housing Preservation and Development’s Affordable Neighborhood Cooperative Program (ANCP), which assists developers in rehabilitating distressed city-owned multifamily properties into co-ops for low- and moderate-income families.
"There's something powerful about putting homeownership within reach for working families, and these are the kinds of projects that reflect what we value most," said Karim Hutson, president and CEO of Genesis Cos. "Working with our partners, we were able to take three buildings in Central Harlem that sat neglected for years and converted them into 36 permanently affordable homes. For the families moving in, this isn't just about keeping them housed—it's about giving them a real stake in their neighborhood, the chance to build equity and stay rooted in the community they love."
Officials said the development aligns with mayor Zohran Mamdani’s housing plan, Block by Block, to expand affordable homeownership opportunities and create permanently affordable co-ops for working-class New Yorkers.
“For generations, homeownership has been a clear path to stability, but it’s become out of reach for working class New Yorkers,” Mamdani said. “Projects like ANCP Morningside show what is possible when we expand cooperative and community ownership, and Block by Block will ensure more New Yorkers have the chance to put down roots and build a future here, whether they rent or own.”
Previously part of the Tenant Interim Lease program and long in need of significant repairs, the ANCP Morningside buildings have undergone a comprehensive rehabilitation, including upgrades to major systems and unit interiors. The development includes two ground-floor commercial spaces. In addition to returning residents, all homes will be affordable to working families earning up to 80% of the area median income and protected by a 40-year regulatory agreement to ensure long-term affordability.
The $37.8 million project was financed through a combination of public and private sources. ANCP provided low-interest city financing and a 40-year property tax exemption. Construction financing was provided by Community Preservation Corp. and the New York State Affordable Housing Corp.
This financing structure enabled the creation of the co-op homes, which were sold through a housing lottery for approximately $220,000 to $288,000 to income-qualified buyers earning within the 90% to 100% area median income range, depending on household size. A 40-year regulatory agreement ensures the homes remain affordable for future generations.