Financial and technical guidance to simplify the preservation process.

• The 202 Preservation Project is a comprehensive effort to assist owners of HUD Section 202 senior affordable housing in accessing the funding and technical assistance they need to make capital improvements to preserve their properties. 

• The requirements, restrictions, and approval processes for properties with multiple sources of financing are challenging to navigate, and often require close coordination with city, state, and federal agencies. 

• Bridge Street Development Corporation and its team of subject matter experts have created a tactical tool kit that provides a step-by-step walkthrough of preservation strategies, an overview of in-house technical assistance, detailed property information, and relevant funding and financing options to help owners address challenges facing their properties and improve long-term financial stability.

Ability to complete the necessary physical renovations to bring the property in good standing and meet new energy standards.

• Owners can set up for a successful preservation plan by working with technical experts to gain a deep understanding of their building’s physical, energy, and financial needs.

• New York City’s Local Law 97 (LL97) includes increasingly stringent energy conservation deadlines. Noncompliant properties can face fines of up to $20,000. The 202 Preservation Project will help you determine the best path forward to maximize energy efficiency.

Enhanced quality of life for residents.

• Seniors in NYC are among the most vulnerable residents in the city. As of 2022, approximately one in five seniors was living below the poverty level and the senior population increased by 36 percent between 2011 and 2021. 57% of households with seniors are rent-burdened, and nationally, they are the most cost-burdened age group. 

• Section 202 properties can be drastically improved to create healthier living conditions for senior residents. Energy efficiency upgrades and inclusion of additional amenities like elevators and community rooms can lower the property’s operating expenses and transform daily life for residents.