Status: Available
Type
Capital
Source
New York City
Procurement Agency
NYC HDC
Summary
NYC HDC ELLA provides both tax-exempt bond financing and subsidy for affordable housing projects in NYC.
Tenant Eligibility Criteria
Option 1:
- 10% of the units serving formerly homeless households,
- 10% of the units serving households up to 30% of AMI,
- 10% of the units serving households up to 40% of AMI,
- 10% of the units serving households up to 50% of AMI,
- (Optional): up to 30% of the units with rents affordable to households earning 70%- 100% of AMI, and
- Remaining units serving households up to 60% of AMI.
Option 2:
- 30% of the units serving formerly homeless households with a rental subsidy,
- 5% of the units serving households up to 40% of AMI,
- 5% of the units serving households up to 50% of AMI,
- (Optional): up to 30% of the units with rents affordable to households earning 70% - 100% of AMI, and
- Remaining units serving households up to 60% of AMI.
Eligible Applicants
Nonprifit or for-profit developers are eligible. Projects can be new construction, substantial rehabilitation and conversions of non-residential buildings, but should contain a minimum of 100 residential units.
Amount
First mortgage (debt):
- During construction, tax-exempt bonds subject to new private activity bond volume-cap must fund at least 50% of the aggregate basis of the project.
- Loan to Value (LTV) max 80%
Second Mortgage (subsidy): Not to exceed $15 million per project
- Up to $55,000 per Project Based Section 8 Unit or other rental subsidy unit (includes units with NYC 15/15 rental assistance and likely some ESSHI projects); OR
- Up to $65,000 per unit without rental subsidy, based on the requirements determined by HDC.
Term
- First mortgage: Permanent 30-year term with a 30-year amortization schedule.
- Second mortgage: Permanent 30-year term with a 1% fixed interest rate.
- HDC-HPD Regulatory Agreements require a minimum 30-year term. Permanent affordability may be required per the program terms.
Network Notes
- As of December 2014, HDC phased out the Low-Income Affordable Marketplace Program (LAMP) and replaced it with ELLA.
- Supportive projects can utilize ELLA. Note that the second mortgage subsidy may be reduced for supportive projects due to rental assistance.
- HDC ELLA can be used in combination with HPD ELLA, HPD SHLP, HPD SARA, or HCR programs.
For More Information
See HDC’s Term Sheet
Last updated: 08/29/2019