New York City
The NYC HPD LIP program provided capital subsidy for low-income housing in New York City. This program is no longer active.
Tenant Eligibility Criteria
Households earning less than 60% of the area media income (AMI). When other funding streams are utilized, projects may include a tier of units for households making between 61% and 90% AMI. Projects must serve households where either 1) 20% of the units are affordable to those earning 40% AMI or 2) 20% of the units are set-aside for homeless households.
The borrower must be a Housing Development Fund Corporation (HDFC).
Maximum LIP subsidies range from $50,000 to $70,000 per unit.
- Projects that opt for the 20% set-aside of homeless units must include minimum reserves of $1,500 per homeless unit for rent-up and $2,500 per homeless unit for social services. Homeless referrals must come from NYC Department of Homeless Services (unless HPD approves an exception).
- Homeless units are set at tax credit rent levels. However, Section 8 vouchers can be used.
- As with all new HPD construction projects, LIP-funded projects must achieve Green Communities Certification.
For More Information
Since this program is no longer active, interested developers should see the ELLA term sheet.
Multifamily New Construction
100 Gold Street, Room 9I-5
Last updated: 09/04/2019