Supportive Housing Loan Program (SHLP)
Type
Capital
Source
New York City
Procurement Agency
New York City Department of Housing Preservation and Development (HPD)
Total Annual Award
Approximately $60 million per year.
Eligible Populations
Homeless single, adults, living with a disability such as mental illness, substance abuse and/or HIV/AIDS. SHLP also funds low-income units and housing for seniors, youth aging out of foster care and other populations with barriers to independence. Limited funding may also available on a case-by-case basis for family supportive housing residences. All units must be rented to households earning up to 60% Area Median Income (AMI).
Eligible Projects
Non-profit developed, permanent supportive housing in New York City. The standard SHLP model has 60% of the apartments designated for supportive housing tenants and 40% set aside for low-income households in the community.
Funding Award Details
Awards are made on a rolling basis. SHLP provides up to $125,000 per unit. HPD's Division of Special Needs housing will work with sponsors to secure low-income housing tax credits and gap financing. Eligible SHLP costs include land acquisition, construction, professional fees and other soft costs. The developer fee is $7,500 per unit for the first 100 units and $2,500 per unit after that, up to $1,000,000 (lower for non-tax credit projects).
Rate Details
The construction loan converts to a 30-year permanent loan. Interest rates vary by project, but a typical loan is 1% accrued or higher (interest charge for borrowing money that remains to be paid).
Term of Service/Length of Grant
The principle does not need to be repaid if the property remains affordable housing for homeless and disabled tenants for a 30-year period. For tax credit projects HPD will work with sponsors to match loan terms to IRS requirements. See HPD's term sheet for details.
Limitations
For singles, only efficiency units are allowed. Current policy at HPD is for these units to be between 300-320 square feet.
Network Notes
SHLP provides funding for approximately 600 units of supportive housing per year. Currently their pipeline is for NY/NY III housing. Under the 2005 city-state agreement to create 9,000 new units of supportive housing over 10 years, HPD committed to funding 3,125 congregate units. HPD is in the process of revising their guidelines and should be releasing them in the fall of 2011. It is expected that the average minimum unit size will now be 300 sf.
For More Information
For more information, see HPD's term sheet.
Contact
NYC HPD, Division of Special Needs Housing
Ray Hodges, (212) 863-6036, hodgesr@hpd.nyc.gov
Last updated: 09/22/2011
Did you know…
Sustainability education saves money, preserves resources and empowers supportive housing tenants.