For developers of affordable housing, Settlement Housing Fund, Inc. (“SHF”) supplies the not-for-profit housing development fund corporation (HDFC) that serves as the nominee legal fee title owner of the project (or the affordable portion) and signs a nominee agreement with the developer (beneficial owner), which retains operational responsibility for the project. The HDFC participation enhances affordability by enabling developers to access funding from the New York City Department of Housing Preservation and Development, the New York City Housing Development Fund Corporation, and other governmental funding agencies, and to obtain NYC real property tax exemptions such as 420-c or Article 11 PHFL, NYC real property transfer tax exemptions, mortgage recording tax exemptions and sales tax exemptions.
In providing HDFC nominee ownership services, SHF’s priorities are to work closely with the developers, their attorneys, and with all other project participants, to be as flexible as possible, and to complete all tasks as quickly as possible, meeting all project timeframes/deadlines. SHF’s General Counsel personally handles all HDFC nominee ownership projects, prepares all necessary documents, and participates in conference calls and meetings. etc., and attends the construction loan closings/title transfers.
If you are an affordable housing developer interested in our HDFC Ownership Services, please contact
Jacqueline Tom
General Counsel
jtom@shfinc.org