Housing Preservation Opportunities (HPO) Program

HPD’s Housing Preservation Opportunities (HPO) Program provides tax exemptions to preserve privately owned multifamily housing at a range of affordability levels throughout New York City. The Program’s mission is to ensure the long-term affordability and operating viability of quality housing. The Program provides Article Xl tax exemptions for a term of 40 years, for multifamily housing in good physical condition, or where physical needs can be addressed without an HPD loan. Non-HPD governmental sources of funding may be used in conjunction with the tax exemption.

Eligible Buildings

Multifamily rental and limited equity cooperative properties that are in good physical condition, or where physical improvements can be undertaken without the use of HPD subsidy. Projects seeking funding should refer to HPD’s loan programs. Eligible owners include Housing Development Fund Companies or Corporations (“HDFC”) formed pursuant to Article Xl of the Private Housing Finance Law. The HDFC must be a single-purpose HDFC formed with consent from HPD. If the HDFC is already formed, the certificate of incorporation may need to be amended to comply with HPD’s current requirements. Beneficial ownership may by retained by limited partnerships, corporations, joint ventures, limited liability corporations or 501(c)(3) corporations through a nominee agreement, as applicable, as approved by HPD.

Program Overview

For more information on the loan terms, see the HPO term sheet.

How to Apply

Please complete an Expression of Interest Form to indicate your interest in this program. As we review submissions, we will follow up if we have any questions or need clarification. For more information on program options and requirements, please consult the Preservation Finance page.