Housing Development Fund Corporation

A Housing Development Fund Corporation (HDFC) is a nonprofit organization in New York City that provides affordable housing options, primarily owned and managed by residents. Formed to develop or preserve affordable cooperative apartments, HDFCs allow residents to purchase shares that give them ownership rights in the building. They are regulated by the New York State Department of Homes and Community Renewal, which ensures financial stability and proper management. Essentially, HDFCs help create and sustain affordable, community-focused housing, allowing residents to have a stake in their homes while maintaining affordability for future generations.