Partnership New Homes Program
HPD works with the State of New York and the Housing Partnership Development Corporation to create new homes throughout New York City for families earning between $32,000 and $75,000 a year. The program produces condominiums, single-family town houses and two- and three-family homes.
Developers are selected through a Request for Qualifications (RFQ) issued and advertised jointly by HPD and the Housing Partnership. To ensure that the completed buildings are affordable, the City may provide (depending on market conditions) a subsidy of $10,000 per unit (i.e., $30,000 for a three-family home), as well as the subordinated value of the City-owned land, in the form of a loan that evaporates over a 25-year period. All homes also receive a 20-year partial Real Property Tax exemption pursuant to Article 16 of the New York State General Municipal Law. Additional funding of up to $15,000 per unit may be provided by the New York State Affordable Housing Corporation. The marketing of the homes to purchasers is carried out by local not-for-profit organizations which advertise the availability of the homes and review applications. Click here for HPD's lists of homes.
Under the Neighborhood Builder Program, small, locally based enterprises are provided with additional assistance to develop the capacity to complete the project. Depending on the builder's requirements, the Housing Partnership provides financial, marketing, cost estimating, legal and/or other support services. Seed loans for pre-development costs may also be made available.
Since the Partnership New Homes / Neighborhood Builder program began in 1984, HPD and the Housing Partnership have produced more than 15,000 units of homeownership housing. During that time, the City has invested more than $161 million, which has leveraged a total of $1.2 billion in other government and private financing.
For refinancing information call (212) 863-6914. For information about the Mortgage Services Request Procedure for the Partnership New Homes Program, click here.