P.A.'L.A.N.T.E. is committed to expanding opportunities for low & moderate-income home ownership through New York City’s Tenant Interim Lease (TIL) program. We are certain with clear goals, guidelines and transparency we may finally produce the right formula to successfully convert these buildings into corporations.
The TIL program, created in the late 70’s, was a visionary program that encouraged home ownership by setting up a process to turn buildings into Housing Development Fund Corporation (HDFC) and enabled occupants to purchase their units from the City. This process includes establishing a board, holding elections, holding monthly meetings, proper record keeping, collecting rents, establishing and maintaining a reserve fund, and maintaining the overall structural health of the buildings. But due to flaws in program design and implementation, many never graduated to HDFC status and instead were transferred back to HPD.
The transcript of the hearing can be viewed by clicking this link: [Transcript.]
Here are the highlights of the success we were able to achieve during the hearing: