Monitor of Housing Development Fund Corporation Cooperatives RFQ

Submission deadline: August 14, 2024 for inclusion in the initial pre-qualified list; rolling thereafter.

Expanding upon its longstanding commitment to homeownership and shared equity, The New York City Department of Housing Preservation and Development (HPD) is seeking experienced affordable housing organizations to provide long-term support for HPD-regulated, resident-owned cooperatives. Through its release of this Monitor of Housing Development Fund Corporation Cooperatives Request for Qualifications (RFQ), HPD will establish a new pre-qualified list of “Coop Monitors” who may provide crucial technical assistance and ensure the stability and longevity of HDFC coops operating across the city.

RFQ Information

HPD first established such a list in 2017; through this RFQ, the Agency intends to expand the number of qualified organizations so that coops may benefit from increased choice when selecting their Monitors. Likewise, the RFQ enhances and clarifies monitoring duties needed to foster the health of coops’ resident communities. Organizations qualified via this RFQ will be responsible for assisting coops with financial management, good governance, and regulatory compliance, helping to set them on pathways of long-term success. The RFQ also endeavors to ensure Monitors are fairly compensated for their work while keeping costs low for coops.

Additionally, HPD plans to use the RFQ to streamline the process through which cooperative shareholders market and sell their units to eligible new purchasers, helping to reduce discrimination and protect long-term affordability for future generations of homebuyers. In part through these efforts, HPD seeks to fulfill its federal obligation under the Fair Housing Act to affirmatively further fair housing by promoting equitable access and opportunity to homeownership for all New Yorkers.

Affordable housing organizations with property management, development, stewardship, and other relevant experience, including qualified Community Land Trusts (CLTs), are encouraged to apply.

• HPD Housing Connect for Homeownership Opportunities Frequently Asked Questions (FAQ)
• May 2024 Information Session
• June 2024 Coop Monitor RFQ Questions and Written Responses

Pre-Submission Conference

A pre-submission conference was held on May 21, 2024. 

Inquiries

Inquiries regarding the RFQ should be directed to MonitorRFQ@hpd.nyc.gov.