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HUD Multifamily Program
HUD Multifamily Program
The HUD Multifamily Program leverages public resources and private sector financing to rehabilitate, recapitalize and preserve privately-owned HUD-assisted rental housing throughout New York City. The Program’s mission is to ensure low-income households remain in affordable apartments over the long term, to promote financial and physical stability, and to promote revitalized neighborhoods.
Eligible Buildings
To be eligible, buildings must be HUD-assisted which is defined as properties where a majority of the units are covered by a form of project-based rental assistance including various types of Housing Assistance Payment (HAP) contracts, Moderate Rehabilitation (MOD-Rehab), Moderate Single Room Occupancy (Mod SRO) or Rental Assistance Demonstration Phase II (RAD) contracts and/or properties that received federal subsidies through programs including the HUD Section 202 or 811 programs.
Program Overview
The Program provides tax exemptions and/or low-interest loans at below-market interest rates. Combined with traditional bank or federally-insured loan products, the blended financing rate is below market. The subsidy limit per assisted dwelling unit is $50,000.
For more information on the program terms, see the program’s 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.
Pipeline Priorities
HPD will prioritize the following project types in reviewing applications for assistance under this program in the order listed below:
- Projects with rental assistance contracts not eligible for periodic market-based rent increases or eligible to convert to such contracts (e.g. Section 202, PRAC to RAD, Section 811) in need of an exemption to address financial or physical needs.
- Projects leveraging HPD assistance (either in the form of a tax exemption or subsidy) to secure private financing for rehabilitation with significant scope (including replacement of at least two building systems.)
- Projects in zip codes where HPD utilizes exception payment standards for its Section 8 rental subsidies.)
- Projects with Article V or Article XI tax exemptions expiring within 10 years of the application date.