Neighborhood Restore

What Neighborhood Restore does

Neighborhood Restore Housing Development Fund Corporation is a New York City nonprofit founded in 1999 to administer the NYC Department of Housing Preservation and Development's (HPD) Third Party Transfer Program. Its core function is acquiring, rehabilitating, and transitioning tax-foreclosed and physically distressed 1-to-4 family properties from financial and physical abandonment into affordable homeownership or stabilized tenancy, primarily serving low- and moderate-income households in New York City. Since formation, the organization has preserved over 10,500 units across more than 1,700 buildings through this and adjacent programs.

The organization's operating model is structured around six wholly owned affiliates, each chartered for a discrete housing mission: Restored Homes HDFC (foreclosure response via ACA/REO Programs and Small Homes Rehab with NYCHA), Preserving City Neighborhoods HDFC (Community Restoration Fund mortgage-note acquisitions), Restoring Communities HDFC (Tenant Interim Lease/Affordable Neighborhood Cooperative Program transitions), Neighborhood Renewal HDFC (Cluster Housing Conversion for formerly homeless families), Project Rebuild, Inc. (Hurricane Sandy recovery), and Restoring Urban Neighborhoods LLC. The portfolio has expanded into homeowner-facing products such as the Plus One ADU Program (administered for NYS HCR), the HomeFix Program (loans and forgivable grants via Center for NYC Neighborhoods), and construction management and technical assistance for nonprofit partners.

Revenue is generated through government program administration contracts, grants, and philanthropic funding, rather than through commercial sales. Primary counterparties are NYC HPD, NYCHA, the US Department of Housing and Urban Development, and New York State Homes and Community Renewal. Distribution of affordable homeownership opportunities is conducted exclusively through the city-operated Housing Connect 2.0 lottery platform. The organization is structured as a supporting organization of Enterprise Community Partners and the Local Initiatives Support Corporation, with active engagement in affordable housing policy coalitions. Customer-facing pricing is non-market (lottery-based with income/asset eligibility), and only the Plus One ADU Program levies a $200 non-refundable application fee.

Name

Neighborhood Restore

Legal name

Neighborhood Restore Housing Development Fund Corporation

Website

https://neighborhoodrestore.org

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Neighborhood Restore is a NYC nonprofit founded in 1999 that administers HPD's Third Party Transfer Program and related affordable housing initiatives, acquiring and rehabilitating distressed properties for low- and moderate-income buyers, owner-occupants, and formerly homeless families.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Residential Remodelers (236118), Residential Building Construction (23611), Services to Buildings and Dwellings (5617)

SIC

Services-Social Services (8300), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

akta.pro secondary industries

Public Housing & Social Housing Development/Modernization Programs (FSALAKAH), Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE), Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO), Post-Disaster Whole-Home Rebuild (Fire/Water/Storm) (HSAPAEAH), Housing & Neighborhood Services (Local Housing Programs) (BPAIACAJ)

Keywords

• Affordable housing development
• Housing rehabilitation services
• Construction management
• Homeownership programs
• Community development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Others

Revenue model

1. Government Program Administration: As a nonprofit housing development organization, Neighborhood Restore generates revenue through administering affordable housing programs on behalf of government agencies including NYC HPD, NYCHA, HUD, and HCR. Revenue comes from program fees, grants, and government funding for housing preservation and rehabilitation activities.
2. Construction Management Services: The organization provides construction management, technical assistance, and monitoring services to nonprofit partners, homeowners, and HPD, generating fee income for these professional services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Neighborhood Restore is a nonprofit that administers affordable housing programs on behalf of NYC HPD, NYCHA, HUD, and NYS HCR, acquiring and rehabilitating distressed tax-foreclosed and abandoned properties and transitioning them to affordable homeownership, cooperatives, permanent supportive housing, or stabilized rental use. Through affiliated HDFCs and LLCs the organization delivers specific programs such as the Third Party Transfer Program, ACA/REO homeownership programs, the Plus One ADU Program, HomeFix Program, Community Restoration Fund, Cluster Housing Conversion, and Hurricane Sandy recovery work, with construction management and technical assistance provided to homeowners, nonprofit partners, and HPD.

Product overview

Neighborhood Restore is a nonprofit organization that offers a portfolio of affordable housing programs rather than a single product. The core offering is the Third Party Transfer Program (TPT Program), administered since 1999, which transitions distressed tax-foreclosed properties to third-party ownership. Through its affiliate entities—Restored Homes HDFC, Preserving City Neighborhoods HDFC, Restoring Communities HDFC, Neighborhood Renewal HDFC, and Project Rebuild, Inc.—the organization operates complementary programs including homeownership development (ACA, REO, Small Homes Rehab – NYCHA, Open Door), mortgage note preservation (Community Restoration Fund), cooperative housing transitions (ANCP), homeless housing conversion (Cluster Housing Conversion), and disaster recovery (Build it Back, NRNYC Home Repair). Current homeowner assistance programs include the Plus One ADU Program and HomeFix Program for home repairs. All homeownership opportunities are distributed through NYC Housing Connect 2.0 via city housing lottery.

Differentiator

Problem solved

Functional benefit

Products and services

• Third Party Transfer (TPT) Program HPD program administered by Neighborhood Restore that acquires tax-foreclosed and abandoned 1-to-4 family properties from the City, oversees stabilization and rehabilitation planning, and prepares them for sale to qualified low- and moderate-income buyers through the Housing Connect 2.0 lottery.
• Restored Homes Affordable Homeownership (ACA & REO Programs) Affordable homeownership programs through which Restored Homes HDFC acquires, rehabilitates, and sells foreclosed homes to qualified low- and moderate-income first-time buyers in NYC, with over 160 homes delivered to date.
• Small Homes Rehab – NYCHA Program Partnership program with NYCHA and HPD under which Restored Homes acquires and rehabilitates vacant single-family foreclosed homes for sale to qualified low- and moderate-income first-time homebuyers.
• Open Door Program Housing New York Plan program collaborating with HPD and developers to take title to City-owned infill sites during rehabilitation and transfer them to qualified low- and moderate-income homebuyers.
• Community Restoration Fund (CRF) Partnership between HPD and nonprofits that acquires distressed or at-risk mortgage notes in targeted areas through Preserving City Neighborhoods HDFC to preserve affordable housing and prevent neighborhood destabilization.
• Plus One Accessory Dwelling Unit (ADU) Program Program administered by Restored Homes HDFC in partnership with NYS HCR and HPD that provides financial and technical support to eligible NYC homeowners (up to 165% AMI) interested in building or converting accessory dwelling units through low or no-interest loans or construction financing grants, with a $200 non-refundable application fee.
• HomeFix Program Home repair program providing affordable, low-interest and forgivable loans to owner-occupants of 1- to 4-family homes in NYC, administered by the Center for NYC Neighborhoods in partnership with HPD and Enterprise Community Partners, with Restored Homes providing technical assistance.
• Restoring Communities HDFC (TIL/ANCP Cooperative Transition) Program under which Restoring Communities HDFC acts as interim owner of City-owned properties formerly managed under HPD's Tenant Interim Lease (now Affordable Neighborhood Cooperative Program), overseeing transition to low-income cooperatives.
• Neighborhood Renewal (Cluster Housing Conversion Program) Program through which Neighborhood Renewal HDFC creates permanent affordable housing for formerly homeless families in cooperation with NYC DHS and HPD's Cluster Housing Conversion Program.
• Project Rebuild / Build it Back Multifamily Loan Program CDBG-DR funded Hurricane Sandy recovery program in which Restored Homes acts as qualified plan and cost analyst and construction monitor for multifamily buildings that suffered damage.
• NRNYC Home Repair Program Philanthropically funded ($19 million) Hurricane Sandy recovery program that conducted needs assessments, prepared scopes of work, and oversaw rehabilitation for 501 damaged low-income single-family homes, in partnership with Neighborhood Revitalization NYC (NRNYC) and LISC.
• ADU For You Program NYC online resource that helps homeowners understand ADU rules, explore design options, and learn steps to build safe and legal accessory dwelling units, with Restored Homes providing technical assistance.
• Homebuyer Counseling & Financial Literacy Services Service delivered through Neighborhood Restore's partnership with HUD-approved counseling agencies across NYC providing financial literacy, access to affordable homeownership opportunities, foreclosure prevention strategies, and legal assistance to prospective and existing homeowners.
• Neighborhood Pillars Program HPD initiative supporting nonprofit organizations in acquiring and preserving affordable housing in privately owned multi-family properties, with Restored Homes helping identify and purchase properties to ensure continued affordability.

Quantifiable outcome

• Over 10,500 units of affordable housing preserved in 1,700+ buildings
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core, flagship and minor.

• NYC Department of Housing Preservation and Development (HPD)coreStrategic or Co-development Partner · 1 January 1999Primary government partner since 1999 for administering the Third Party Transfer Program and various affordable housing development programs. HPD transfers ownership of tax delinquent properties to Neighborhood Restore for rehabilitation and sale to qualified buyers.
• New York City Housing Authority (NYCHA)coreStrategic or Co-development PartnerPartnership for Small Homes Rehab program where NYCHA transfers vacant single family foreclosed homes to Restored Homes for rehabilitation and sale to low-to-moderate income families.
• US Department of Housing and Urban Development (HUD)coreStrategic or Co-development PartnerFederal government partner providing program guidelines, funding support, and approval for homeownership programs and housing counseling partnerships.
• Enterprise Community Partners, Inc.flagshipStrategic or Co-development PartnerSupporting organization and partner in affordable housing initiatives. Victoria Barreca from Enterprise Community Partners serves on the Neighborhood Restore Board of Directors.
• Local Initiatives Support Corporation (LISC)flagshipStrategic or Co-development PartnerSupporting organization for affordable housing development. Arturo Suarez from LISC serves on the Board of Directors. LISC also partnered on Hurricane Sandy recovery through the NRNYC Home Repair Program.
• United for Housing CoalitionminorGTM or Marketing PartnerCoalition of community, business, labor, civic, and religious organizations dedicated to addressing the chronic lack of affordable and supportive housing in NYC. Neighborhood Restore actively engages in policy discussions and advocacy through this coalition.
• New York Mortgage CoalitionminorStrategic or Co-development PartnerCollaboration of financial institutions and 9 community housing counseling agencies dedicated to helping low- and moderate-income households become first-time homebuyers in the NYC metro area.
• Center for New York City NeighborhoodscoreStrategic or Co-development PartnerLead entity for the HomeFix Program consortium, serving as Program Administrator in partnership with HPD and Enterprise. Christie Peale from CNYCN serves on the Restored Homes Board.
• Neighborhood Revitalization NYC (NRNYC)coreStrategic or Co-development PartnerPartner in Hurricane Sandy housing recovery efforts, conducting needs assessments, preparing scopes of work, and overseeing rehabilitation for single family homes and multifamily buildings.
• HUD-Approved Housing Counseling AgenciescoreStrategic or Co-development PartnerNetwork of counseling agencies throughout NYC that provide financial literacy, access to affordable homeownership opportunities, foreclosure prevention strategies, and legal assistance to homebuyers.
• Coalition for Affordable HomesminorGTM or Marketing PartnerPartnership of 30 non-profits, community associations, local development corporations, and legal service providers advocating for initiatives to support middle- and working-class homeowners throughout NYC.
• Bedford Stuyvesant Restoration CorporationminorStrategic or Co-development PartnerCommunity development organization. Blondel Pinnock from Bedford Stuyvesant Restoration Corporation serves on the Neighborhood Restore Board of Directors.
• Neighborhood Housing Services of Brooklyn CDC, Inc.minorStrategic or Co-development PartnerCommunity development corporation. Tonya Ores serves on the Restored Homes Board of Directors.
• Chhaya Community Development Corp.minorStrategic or Co-development PartnerCommunity development organization serving South Asian and Indo-Caribbean communities. Annetta Seercharran serves on the Restored Homes Board of Directors.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• NYC Housing Partnership: Nonprofit partnering with HPD and private developers to build and preserve affordable housing across NYC. Comparable as an intermediary administering city-funded affordable housing programs with a similar construction management and homeownership development scope.
• Center for New York City Neighborhoods (CNYCN): Lead entity for the HomeFix Program consortium, partnering with HPD and Enterprise. Direct program partner of NR and a peer in administering low-interest homeowner repair loans in NYC.
• Habitat for Humanity New York City: NYC affiliate of Habitat for Humanity, builds and rehabilitates affordable homes for low-income families through volunteer labor and nonprofit financing. Most direct comparable in mission, beneficiary profile, and lottery/rehabilitated-home sales model.

Broad incumbents

• Enterprise Community Partners: National nonprofit affordable housing developer and investor; a Flagship supporting organization of Neighborhood Restore. Operates at far greater scale across multiple states, with overlapping mission in affordable homeownership, preservation, and community development.
• Habitat for Humanity International: Global nonprofit affordable housing developer. Overlapping mission in low-income homeownership and property rehabilitation, though operating at vastly greater scale and with a volunteer-driven build model rather than NR's government-contract administrative model.
• Local Initiatives Support Corporation (LISC): National CDFI supporting CDCs and affordable housing developers. NR is a supporting organization; comparable in mission, but LISC operates at multi-city scale with broader financing and program administration capabilities.

Regional players

• Chhaya Community Development Corporation: NYC-based CDC serving South Asian and Indo-Caribbean communities through housing counseling and affordable housing preservation. Comparable as a small, NYC-focused nonprofit housing intermediary; NR board member from Chhaya sits on the Restored Homes board.
• Bedford Stuyvesant Restoration Corporation: One of the nation's first CDCs, based in Brooklyn. Comparable mission in affordable housing preservation and community development; represented on NR's board.
• Neighborhood Housing Services of Brooklyn CDC: Brooklyn-based CDC focused on foreclosure prevention and homeownership counseling. Comparable as a HUD-approved counseling partner and small nonprofit housing intermediary; represented on NR's Restored Homes board.

Others

• New York Mortgage Coalition: Collaboration of financial institutions and 9 community housing counseling agencies helping low/moderate-income households become first-time homebuyers in NYC. NR is a partner member; comparable as an NYC-focused affordable homebuyer enablement ecosystem player.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/neighborhood-restore-housing-development-fund-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neighborhood Restore