HPD’s Small Owner Repair Program provides funding for limited systems replacement and other key repairs in privately-owned multiple dwelling properties.  Since participating owners often lack the resources to address building-wide problems, repair work done through the program addresses specific critical issues rather than general rehabilitation.  The program provides a 10-year forgivable loan up to $10,000 per dwelling unit for buildings of three to 20 units.  In exchange for this forgivable loan, owners will enter into a 10-year regulatory agreement with the City to ensure the financial viability, physical upkeep, and continued affordability of participating buildings. Tenant incomes must adhere to Federal income guidelines and rent limits apply.

For more information about eligibility and terms, please download the SORP Term Sheet click here or contact Elizabeth Mercado, Program Director, at the number below.
Phone Number: (212) 863-6337.