Status: Available
Type
Capital
Source
New York City
Procurement Agency
NYC HPD
Summary
HPD's PLP provides low-interest loans and/or tax exemptions to facilitate the moderate or substantial rehabilitation and affordability of housing for low-to-moderate income households.
Tenant Eligibility Criteria
- Under no circumstances will there be units in projects with income limitations that exceed 130% AMI.
- HOME-funded and LIHTC units will be subject to additional restrictions, generally with an income maximum of 60% AMI.
- Projects with no previous homeless requirements shall set aside at least 10% of the total units as homeless units. All other projects shall maintain their initial requirements. All homeless unit referrals must be made by HPD’s Homeless Placement Unit.
Eligible Applicants
Owners of buildings with 3 or more apartments. Eligible owners may include limited partnerships, for-profit entities, joint ventures, nonprofits, housing development corporations, and individual owners including homeowners.
Amount
Maximum HPD subsidy amounts per unit:
- Projects with 9% Low Income Housing Tax Credits (LIHTC) or projects with rents between 80% and 130% AMI: $40,000
- Projects with 4% LIHTC: $60,000
- Projects with rents between 60% and 80% AMI: $70,000
- Projects with rents at or below 60% AMI: $90,000
Term
Maximum loan term: 30 years. Projects will be subject to a minimum of 30-year regulatory agreement.
Network Notes
- Subsidy levels for other affordability proposals will be evaluated on a case by case basis.
- Per unit subsidies may be reduced for projects utilizing other sources or programs, including the Inclusionary Housing Program, absent broader/deeper affordability or project benefits.
- Overleveraged and distressed multifamily properties may be eligible for additional assistance
- All substantial rehab projects, as determined by HPD, must achieve Green Communities Certification. The Green Communities Criteria and Certification portal is available here.
Projects that include all three items within their scope of work are considered a Substantial Rehab:
- Replace heating system
- Work in 75% of units including work within the kitchen and/or bathroom
- Work on the building envelope, such as replacement and/or addition of insulation, replacement of windows, replacement and/or addition of roof insulation, new roof, or substantial roof repair
- Subsidy levels for other affordability proposals will be evaluated on a case by case basis.
- Per unit subsidies may be reduced for projects utilizing other sources or programs, including the Inclusionary Housing Program, absent broader/deeper affordability or project benefits.
- Overleveraged and distressed multifamily properties may be eligible for additional assistance
For More Information
See HPD's term sheet.
Contact
Jeremy Hoffman, Director, Leveraged Preservation Programs
(212) 863-6818
Last updated: 08/29/2019