Extremely Low and Low Income Affordability (ELLA)
New York City
New York City Department of Housing Preservation and Development (HPD)
Total Annual Award
Up to $110 million dollars awarded each year.
Tenant Eligibility Criteria
Households earning up to 60% of the area media income (AMI).
New construction of housing affordable for families earning up to 60% of the area median income (AMI). Projects must include 1) 10% of units at 30% AMI 2) 15% of units at 40% AMI 3) 15% of units at 50% AMI OR 30% of units set aside for formerly homeless households with non-HPD subsidy.
Funding Award Details
HPD ELLA is a capital subsidy to be combined with other construction and permanent financing sources, including HDC ELLA and others. Preference will be given to projects that include a non-HPD rental subsidy.
For publicly-owned sites, the maximum HPD loan is $65,000 per unit. Privately-owned sites can receive a maximum of $75,000 per unit. For more details see HPD's term sheet.
Loan terms: 30 years with an interest rate of 1% per annum plus a 0.25% servicing fee during construction. Loan terms vary by funding source.
Units for the formerly homeless will be underwritten at tax-credit levels, but Section 8 Payment Standard may be charged for those units to fund social services, based on an HPD-approved social service plan.
ELLA projects require $1,500 per unit capitalized operating reserves for homeless units. Homeless units also require $2,500 per unit for social service reserves.
As of December 2014, HPD streamlined their affordable and supportive housing loan products. The Low Income Rental Program (LIRP) has been phased out and replaced with ELLA.
For More Information
Multifamily New Construction Programs
100 Gold Street, Room 91-5
Last updated: 04/06/2015
Did you know…
Homeless people given supportive housing saved NYS taxpayers an average of $10,100 per person per year.