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%
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.
Phone Number: (212) 863-6482
to learn more about other new construction loans.