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NYC HPD Senior Affordable Rental Apartments (SARA) Program

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Status: Available

Type

Capital

Source

New York City

Procurement Agency

NYC HPD

Summary

HPD’s Senior Affordable Rental Apartments (SARA) Program provides financing to support the construction and renovation of affordable housing for seniors, 62+ years in age, with low incomes. 

Tenant Eligibility Criteria

Low income seniors above 62 years in age. Seniors may have incomes up to 60% AMI, though projects may include a tier of units affordable to those earning between 61% - 90% AMI. 30% of the units must be reserved for homeless seniors referred by a City or State agency. 

Eligible Applicants

Nonprofit, for-profit developers or joint ventures with experience in developing housing for low-income seniors. 

Amount

SARA provides up to $75,000 per unit. Lower subsidy requests will increase project competitiveness.  

The interest rate is 1% per annum plus 0.25% servicing fee during construction. HPD may reduce this to leverage additional private financing.

Term

The regulatory perod is construction period plus a minimum of 30 years post-conversion. HPD 9% tax credit Qualified Allocation Plan (QAP) requires a regulatory agreement of 60 years.

Network Notes

For More Information

For more information, see HPD’s Term Sheet

Contact

Senior Affordable Rental Apartments (SARA) Program
Division of Special Needs Housing
NYC Department of Housing Preservation & Development
SARA@hpd.nyc.gov

Last updated: 08/30/2019

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