New York City
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 at 60% of Area Median Income (AMI) and the remaining 40% - 60% of the units would serve households with incomes up to 130% AMI. At least 10% of the units must be set aside for formerly homeless households and a minimum of 10% of the units should serve households earning between 30% - 50% AMI.
The borrower must be an HDFC, either alone or in a partnership.
Preference will be given to projects that include:
- More than 20% of the units for formerly homeless families
- More than 20% of the units serving households earning 50% or less
- More than 4 income tiers
The subsidy calculation is based on the number of units with rents affordable to households at or below 130% AMI.
Subsidy levels vary from $10,000 per unit to $225,000 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.
- Eligible Mix and Match costs include land acquisition, construction, professional fees and other soft costs.
- HPD’s Mix and Match can be used in conjunction with HDC’s Mix and Match loan program. 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.
- Homeless referrals must come directly from HPD, unless there is a supportive housing social service contract award from the NYS Office of Mental Health (OMH), the NYC Department of Health and Mental Hygiene (DOHMH), or another government agency.
- 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.
For More Information
See HPD’s term sheet.
Multifamily New Construction Programs
100 Gold Street, Room 91-5
Last updated: 08/27/2019