Mix & Match

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Status: Available




New York City

Procurement Agency



Mix & Match funds new construction of mixed income multi-family rental projects in New York City.

Tenant Eligibility Criteria

Mix and Match funds multifamily rental projects in which 40% - 60% of the units serve households earning up to 80% of Area Median Income (AMI) and the remaining 40% - 60% of the units would serve households with incomes up to 120% AMI. At least 15% of the units must be set aside for formerly homeless households.

Eligible Applicants

The borrower must be a Housing Development Fund Corporation either alone or in partnership with non-profit entities, for-profit Developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies.

The maximum income for a LIHTC unit is 80% AMI and the average income for all LIHTC units in the project must be less than 60% AMI.

Projects should have a maximum of four non homeless affordability tiers. All buildings are required to have a 15% homeless set-aside.

Affordability tiers should include a minimum of 40% of units serving households earning up to 50% AMI, inclusive of units for formerly homeless households.


The subsidy calculation is based on the number of units with rents affordable to households at or below 120% AMI.

Depending on the AMI tier, Subsidy levels vary from $37,500 per unit to $220,000 per unit. Please see HPD’s term sheet for more detail.


The construction loan has a 30-year term. Additionally, projects will be subject to an HDC regulatory period.

Network Notes

For More Information

See HPD’s term sheet.


Multifamily New Construction Programs

100 Gold Street, Room 9K

Last updated: 03/12/2020

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