HDFC Cooperative

Definition

An HDFC (Housing Development Fund Corporation) cooperative is a NYC affordable housing co-op organized under Article XI of the NY Private Housing Finance Law. HDFCs were created to provide affordable homeownership opportunities, often by converting distressed buildings to tenant ownership. They have INCOME LIMITS for buyers (typically up to ~165% of Area Median Income, varying by building) and frequently have RESALE PRICE restrictions or flip tax provisions designed to keep units affordable. HDFCs often offer some of the lowest sale prices in NYC but come with strict eligibility and resale rules.