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NYC Department of Housing Preservation & Development

Housing Finance Programs

Participation Loan Program Provides low-interest loans to private residential building owners for the moderate or substantial rehabilitation of housing for low-to-moderate income households.

Storm Recovery Loan Program HPD and the Community Preservation Corporation provide loans to rehabilitate multifamily (5 or more units) damaged by Superstorm Sandy.  HPD provides City Capital or Federal funds at 1% interest.  Combined with CPC conventional financing, the blended financing cost is significantly below market.  The funds may be used for moderate or substantial rehabilitation of multiple dwellings damaged by the storm. Uses include refinancing of existing debt or repairing damage and mitigating future storm impacts.  Please see the term sheet for more information. 

Article 8A Loan Program: Loans to upgrade or replace major building systems and other building-wide repairs.

Primary Prevention Program (Lead-based Paint Treatment): Grants to building owners to treat lead-based paint hazards.  Owners are required to hire contractors who are trained in EPA certified courses in lead treatment. 

HUD Multifamily Preservation Loan Program: Facilitates workouts of troubled projects with existing HUD mortgages, assistance and/or use restrictions, that are at-risk of converting to market-rate or that face similar challenges to financing acquisition or rehabilitation while maintaining affordability.

Low Income Housing Tax Credit Preservation Program (“Year 15”): Preserves the long-term affordability of City-assisted tax credit properties that are reaching  the end of the initial 15-year tax credit compliance period In its mortgagee and regulatory roles, the City must approve the proposed new ownership and related repositioning for these projects.

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