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Extremely Low and Low Income Affordability (ELLA)

Status

Closed

Type

Capital

Source

New York City

Procurement Agency

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).

Eligible Applicants

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.

Amount Details

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.

Term

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.

Network Notes

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

See HPD’s Term Sheet.

Multifamily New Construction Programs
100 Gold Street, Room 91-5
mfnc@hpd.nyc.gov

Last updated: 04/06/2015

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