New York City
The HPD Multifamily HRP covers moderate rehabilitation costs for residential buildings.
Tenant Eligibility Criteria
The purpose of this program is to improve living conditions and preserve safe affordable housing for low and moderate-income households.
Owners of rental or co-op buildings with 3 or more apartments are eligible to apply. The loans must be used for residential work only, and may not be used to refinance existing debt.
Up to $35,000 per residential unit.
Maximum loan term is 30 years with a maximum interest rate of 3%. Nonprofit developers have a 2% minimum equity requirement and HPD commitment and closing fees are waived.
- This is a new loan product from HPD as of December 2014, replacing the Article 8A loan program.
- Projects with State or Federal LIHTC are not eleigible for this program.
- After rehab, rents may be adjusted to pay for debt service. Any units that are not currently rent stabilized are required to be entered into rent stabilization. Regulatory Requirements for Rental Buildings: Current and future vacant apartments must be rented to households whose incomes do not exceed 130% of Area Median Income (AMI).
For More Information
For more information, see HPD’s Term Sheet.
Sandro Martorella , Deputy Director
Last updated: 08/28/2019