NYC HPD Supportive Housing Loan Program (SHLP)
New York City
Total Annual Award
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).
- 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.
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.
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.
- 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
Director of the Supportive Housing Loan Program
Division of Special Needs Housing
T: (212) 863-8009
Last updated: 08/28/2018
Did you know…
Supportive housing for youth aging out of foster care can generate a lifetime net savings of $90,000 in public sector money for every young adult.