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HPD Extremely Low and Low-Income Affordability (ELLA)

Status

Available

Type

Capital

Source

New York City

Procurement Agency

NYC HPD

Total Annual Award

Varies

Tenant Eligibility Criteria

Projects must use one of the affordability tiers 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

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

Funding Award Details

Subsidy rates per unit vary by both options and the AMI levels within each option.

Amount Details

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

  • For projects with a social service contract that provides rental assistance above tax credit rents, HPD may require a portion of net cash flow be deposited into a social service reserve.
  • All projects with homeless set-aside units must submit a Social Service Plan and a proposed Social Service Provider for HPD approval prior to marketing and lease-up of the homeless set-aside units, except those receiving referrals from a government agency under a social service contract.
  • 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.
  • 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, which requires homeless set-asides without requiring service contracts. 

For More Information

See HPD’s Term Sheet.

Brian Cheigh
100 Gold Street
cheighb@hpd.nyc.gov
212-863-5613

Last updated: 08/28/2018

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