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NYC HPD Supportive Housing Loan Program (SHLP)

Status

Available

Type

Capital

Source

New York City

Procurement Agency

NYC HPD

Total Annual Award

Varies.

Tenant Eligibility Criteria

  • Projects developed with SHLP must provide 60% of units for homeless, disabled individuals or homeless families with a disabled head-of-household.
  • The remaining units can be rented to households in the community with low incomes. 
  • All units must be rented to households earning up to 60% Area Median Income (AMI).   

Eligible Applicants

  • Non-profit developed, permanent supportive housing in New York City.
  • The standard SHLP model has 60% of the apartments designated for supportive housing tenants and 40% set aside for low-income households in the community.
  • SHLP funds both new construction or rehab for supportive housing in New York City.
  • Eligible SHLP costs include land acquisition, construction, professional fees and other soft costs.

Funding Award Details

Awards are made on a rolling basis.  SHLP provides up to:

  • $125,000 per unit for projects using 9% tax credits; or
  • $75,000 for those using the 4% tax credits.

HPD's Division of Special Needs housing will work with sponsors to secure low-income housing tax credits and gap financing.

Eligible SHLP costs include land acquisition, construction, professional fees and other soft costs.

Amount Details

The construction loan converts to a 30-year permanent loan. Interest rates vary by project, but a typical loan is AFR, typically deferred and accrued.

Term

The principal does not need to be repaid if the property remains affordable housing for homeless and disabled tenants for a 30-year period. For tax credit projects HPD will work with sponsors to match loan terms to IRS requirements. See HPD's term sheet for details.

Network Notes

  • A 50-unit minimum is preferred. 
  • A reserve of $3,500 per unit plus $3,000 per homeless unit should be capitalized as part of the developer fee.
  • For single supportive units, only efficiency units are allowed.

Applicants should have a service and operating award from a City, State, or Federal agency to provide supportive services. HPD prefers funding projects that have an award, or are in the process of applying for a services award, for NYC 15/15.

For More Information

See HPD's term sheet.

Theresa Cassano
Director of the Supportive Housing Loan Program
Division of Special Needs Housing
T: (212) 863-8009
cassanot@hpd.nyc.gov

Last updated: 08/28/2018

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