HPD’s Low Income Program funds the new construction of multi-family rental projects affordable to households earning up to 60% of Area Median Income. Projects may include a tier of units affordable to households between 61%-90% AMI. HPD may provide a subsidy of up to $70,000 per unit in addition to construction and permanent financing sources provided by, but not limited to: private institutional lenders, the NYC Housing Development Corporation (HDC) LAMP Program, New York State Division of Housing and Community Renewal (DHCR) programs such as Homes for Working Families, New York State Low Income Housing Tax Credit (SLIHC), Federal Low Income Housing Tax Credit (LIHTC) and New York State Low Income Housing Trust Fund (HTF), and New York State Housing Finance Agency (HFA) programs. Projects may qualify for §421-a, §420-c, or Article XI tax exemptions.
For more information about loan terms and eligible applicants, please download the New Construction Low Income Program term sheet here.
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