In 2002, the government of New York City granted ownership of 11 squats on the Lower East Side to the Urban Homesteading Assistance board, including C-Squat; UHAB is in the process of securing loans to help repair the buildings, after which ownership will be turned over to the occupants. Accordingly, C-Squat is no longer technically a "squat", but rather a legally occupied building, bought by the squatters in a deal brokered with the city council by the Urban Homesteading Assistance Board in 2002 for one dollar. It is a punk house.
Members of the bands Leftöver Crack, Morning Glory, Nausea, Casa de Chihuahua, Planned Collapse, and Banji live there. In the past, it has been home to members of the bands INDK, Choking Victim, and No Commercial Value, among others.
The building has also hosted a number of artists and activists throughout its history, as Robert Neuwirth discovered when he wrote his article, Squatter's Rites for City Limits Magazine, "To climb the steps in C Squat is to walk up a living graffiti artwork. The halls resemble subway cars a few decades ago. But instead of monikers, these tags are battle cries for revolution, outlaw logos, complaints and humorous takes on official slogans..."
Under the terms of the homesteading agreement made in 2002, the Urban Homesteading Assistance Board will provide a loan for essential renovations (bringing the building up to city code regulations), which the squatters will perform as much as possible themselves to reduce costs. When the work is finished, the residents will own the building as a limited equity co-operative. They will be financially responsible for maintenance and UHAB loan repayment.