City Launches Plan to Help Low and Medium-Income Tenants with Security Deposits
Last month, on Dec. 30, the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) announced they were soliciting submissions from companies which could come up with alternative ways of helping renters in City and HDC-sponsored affordable housing to pay their required security deposits when signing a lease. The Security Deposit Alternatives RFEI program identifies eligible companies that could potentially offer alternate solutions to the traditional, lump-sum deposit requirement which plagues many low and medium-income renters. The program is part of the City’s broader plan to create alternate ways
