NYC HPD Extremely Low and Low-Income Affordability (ELLA)

« Back

Status: Available

Summary

HPD’s ELLA program funds the new construction of low-income multifamily rental projects. 

Tenant Eligibility Criteria

Projects must use one of the affordability tier structures below.

Option 1

• 10% of the units serving formerly homeless households
• 10% of the units serving households up to 30% AMI
• 10% of the units serving households up to 40% AMI
• 10% of the units serving households up to 50% AMI
• (Optional): up to 30% of the units serving households between 70% - 100% AMI
• Remaining units serving households up to 60% AMI

Option 2

• 30% of the units serving formerly homeless households
• 5% of the units serving households up to 40% AMI
• 5% of the units serving households up to 50% AMI
• (Optional): up to 30% of the units serving households between 70% - 100% AMI
• Remaining units serving households up to 60% AMI

Eligible Applicants

In order to be eligible for capital funds, a borrower must be a Housing Development Fund Corporation either alone or in partnership with other for-profit or non-profit entities. 

Amount

Maximum Subsidy per Unit:

100% of units at ≤ 60% of AMI
Option 1: $130,000
Option 2: $140,000

10% of units at ≥70% of AMI
Option 1: $133,000
Option 2: $143,000

20% of units at ≥70% of AMI
Option 1: $140,000
Option 2: $148,000

30% of units at ≥70% of AMI
Option 1: $145,000
Option 2: $150,000

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

• All projects must have at least 10% of the units set aside for formerly homeless households. Projects are encouraged to include supportive housing units or to create intergenerational housing by incorporating senior housing units. Projects with service contracts for supportive housing are encouraged to apply.
• Homeless set-aside units may utilize the Our Space program, which provides a limited amount of service funding for the project. For more information see the Our Space entry in the Network’s Funding Guide.

Last updated: 08/30/2019

« Back