Liabilities to Assets
Liabilities to Assets is a pilot program that the Department of Housing and Community Development (DHCD) created to help communities stabilize neighborhoods by redeveloping deteriorated properties that are considered a blight. The program will support the purchase and rehabilitation of primarily one and two family properties that have been vacant for at least 3 years at the time of development and have a negative impact on their surrounding neighborhood. The program is targeted to one and two family houses that can be acquired, renovated, and sold to owner occupants. Purchasers will have to agree to live in the newly renovated property for at least 7 years and provide evidence that they earn no more than 110% of the area median income (according to HUD’s most recent determination) at the time of the purchase transaction.