Mixed-Income Program (MIP)

Type

Capital

Source

New York City

Procurement Agency

New York City Department of Housing Preservation and Development (HPD)

Total Annual Award

The proposed budget for fiscal year 2012 is $100 million.

Eligible Populations

Eligibility depends on the affordability tiers of the project. At least half of the households must earn less than 130% of the area median income (AMI). The affordability options are as follows:

  1. At least 50% of the units are for households making less than 130% AMI with the remainder at market rate.
  2. At least 20% of the units are for households making less than 80% AMI with the remainder at less than 100% AMI.
  3. At least 20% of the units are for households making less than 80% AMI with the remainder at less than 130% AMI.

Eligible Projects

The borrower must be a Housing Development Fund Corporation (HDFC).

Funding Award Details

Subsidy levels vary depending on the affordability range of the units and whether the land is City-owned or privately owned. MIP must be used in conjunction with tax credits and/or other City or State financing sources. Preference is given to projects requesting less than the maximum subsidy.

Rate Details

$30,000 to $75,000 per unit, depending on the affordability tiers and whether the site is City-owned or privately owned.

Term of Service/Length of Grant

The loan has a 30-year term, with a 1% per annum interest rate plus a .25% servicing fee during construction.

Limitations

Participating projects are subject to HPD's extended affordability policy.  Suggested minimum square footages apply.

Network Notes

Preference is given to projects with at least 50% two-bedroom units or 30% two-bedroom units and 10% three-bedroom units.  

For More Information

For detailed information on loan terms, see HPD's term sheet.

Contact

New York City HPD
Susan Kensky
Director 
100 Gold Street, Room 9I5
(212) 863-6482
kenskys@hpd.nyc.gov

Last updated: 09/12/2011

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