The Supportive Housing Loan Program provides financing to not-for-profit organizations to develop supportive housing for homeless single adults, including people suffering from disabilities such as mental illness and AIDS. Limited funding is available to create housing for families with special needs and youth aging out of foster care. Both new construction and rehabilitation proposals are eligible.
Supportive housing is intended to provide permanent housing in which formerly homeless, low-income and disabled people can live independently, with support and assistance provided through on-site social services funded by the City and State. All tenants must be low-income and 60 percent of the units must be rented to homeless persons residing in the City's emergency shelter system. Projects for families with AIDS may also be considered on a limited basis.
Eligible not-for-profit sponsors include social service providers as well as housing and development organizations.
The HPD Supportive Housing Loan Program makes loans to non-profit sponsors to develop permanent housing with on-site social services. Loans have a 30 year term and neither principal nor interest are repaid if the sponsor complies with the terms of a regulatory agreement requiring that the property be used for housing for low income homeless disabled tenants for 30 years. All units are affordable to persons earning 60% or less of Area Median Income. The loan amount may be up to $90,000 per unit and the Division of Special Needs housing will work with sponsors to secure gap financing, usually for tax credits or other sources. Projects may be new construction or rehab, on city-owned or privately owned land; acquisition costs up to appraised value are covered by the loan.
For more information please contact: Raymond Hodges, Acting Deputy Director of Planning NYC Department of Housing Preservation and Development Division of Special Needs Housing 100 Gold Street Room 9C-3, New York, NY 10038 tel, 212 863-6036 fax, 212 863-6488 email@example.com