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NYC HPD Participation Loan Program (PLP)

Status

Available

Type

Capital

Source

New York City

Procurement Agency

NYC HPD

Total Annual Award

Varies

Tenant Eligibility Criteria

  • Units with rents set up to 80% AMI can be rented to households earning up to 10% above the rent limitation.
  • Units with rents set above 80% can be rented to households earning up to 20% above the rent limitation.
  • Under no circumstances will there be units in projects with income limitations that exceed 130% AMI. 
  • HOME-funded and LIHTC units will be subject to additional restrictions, generally with an income maximum of 60% AMI.
  • Projects with no previous homeless requirements shall set aside at least 10% of the total units as homeless units. All other projects shall maintain their initial requirements. All homeless unit referrals must be made by HPD’s Homeless Placement Unit.

Eligible Applicants

Buildings with 3 or more apartments with all essential services such as, but not limited to, water supply, house sewers, and heat.

Funding Award Details

Maximum HPD subsidy amounts per unit:

  • Projects with 9% Low Income Housing Tax Credits (LIHTC) or projects with rents between 80% and 130% AMI: $40,000
  • Projects with 4% LIHTC: $60,000
  • Projects with rents between 60% and 80% AMI: $70,000
  • Projects with rents at or below 60% AMI: $90,000

Amount Details

  • Subsidy levels for other affordability proposals will be evaluated on a case by case basis.
  • Per unit subsidies may be reduced for projects utilizing other sources or programs, including the Inclusionary Housing Program, absent broader/deeper affordability or project benefits.
  • Overleveraged and distressed multifamily properties may be eligible for additional assistance

Term

Maximum loan term: 30 years. Projects will be subject to a minimum of 30-year regulatory agreement.

Network Notes

All substantial rehab projects, as determined by HPD, must achieve Green Communities Certification. The Green Communities Criteria and Certification portal is available at www.greencommunitiesonline.org. Projects that include all three items within their scope of work are considered a Substantial Rehab:

  • Replace heating system
  • Work in 75% of units including work within the kitchen and/or bathroom
  • Work on the building envelope, such as replacement and/or addition of insulation, replacement of windows, replacement and/or addition of roof insulation, new roof, or substantial roof repair

For More Information

See HPD's term sheet.

Jeremy Hoffman, Director, Leveraged Preservation Programs

(212) 863-6818

hoffmaje@hpd.nyc.gov

Last updated: 10/15/2018

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