NYC HPD Low-Income Affordable Marketplace Program (LAMP)

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Status: Archived




New York City

Procurement Agency



NYC HDC's LAMP Program provided bonds and subsidy to develop low-income housing in NYC. This program is no longer active.

Tenant Eligibility Criteria

Households earning less than 60% of the area media income (AMI).

Eligible Applicants

Nonprofit or for-profit developers of new construction, substantial rehabilitation and conversions of non-residential buildings for developments containing a minimum of 50 residential units. Tax-credit-eligible units must serve households earning 60% of the area median income (AMI) or below where either 1) 20% of the units are affordable to those earning 40% AMI or below, or 2) 20% of the units are set aside for homeless households.

Funding Award Details

LAMP combines a first mortgage, funded by tax-exempt bonds, with a second mortgage financed by HDC's corporate reserves, 4% As of Right Tax Credits and other subsidies. 


First mortgage: Rates vary. See HDC's term sheet for details.

Second mortgage (the subsidy): A loan of up to $65,000 per unit, up to $15 million a project, provided at 1% interest. The loan payments are fixed and may be interest only.  The two published rates are $55,000 per unit and $65,000 per unit. The former is for projects that have Project-Based Section 8 committed for the project and the latter is for units without a rental subsidy. 


First mortgage: Permanent 30-year term with a 30-year amortization schedule.

Second mortgage: Permanent 30-year term with a 1% fixed interest rate.

Network Notes

The building must contain a minimum of 50 units.

LAMP projects require $1,000 per unit capitalized operating reserves. This amount is $1,500 for homeless units. Homeless units also require $2,500 per unit for social service reserves. All projects also include a replacement reserve of $250 per unit.  

Homeless units are underwritten at 60% AMI, but a rental subsidy is required for all homeless units.

For More Information

See ELLA's term sheet


Development Group
110 William Street, 10th Floor
(212) 227-9407

Last updated: 08/29/2019

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