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Loan Program Finder
Loan Program Finder
J-51
The J-51 Reform tax incentive program ("J-51 R Program") offers an as-of-right real property tax abatement for residential rehabilitation of Class A multiple dwellings. J-51 R Program benefits are available to projects completing work after June 29, 2022, and on or before June 29, 2026.
Visit the J-51 page for more information about eligibility and applicationHomeFirst Down Payment Assistance Program
The HomeFirst Down Payment Assistance Program provides qualified first-time homebuyers with up to $100,000 toward the down payment or closing costs on a 1-4 family home or a condominium/ cooperative unit in one of the five boroughs of New York City.
Visit the HomeFirst page for more information about eligibility and application
For additional homeownership or rental opportunities, visit housingconnect.nyc.gov.
Key Terms
Maximum Area Median Income (AMI): 80% AMI (See Area Median Income - HPD for dollar amounts)
Maximum Financial Assistance Offered: Up to $100K toward downpayment or closing costs
Interest Rate: 0%
Loan Term: 10 years for loans ≤ $40K; 15 years for loans > $40K
Repayment Terms: Loans are forgiven if buyer lives in the home for the period of the applicable Loan Term (i.e., if the Loan Term is 10 years and buyer lives in the home for a period of 10 years, then the loan is forgiven after the tenth year).Neighborhood Pillars Program
HPD's Neighborhood Pillars program provides low-interest loans and tax exemptions to nonprofits, mission driven for profits and certified Minority and Women-owned Business Enterprise (M/WBE) to acquire and rehabilitate unregulated or rent stabilized residential buildings with significant financial and/or physical distress, in order to improve and preserve housing affordable to low- to moderate-income households.
Key Terms
Maximum AMI: Please see program term sheet
Max Financial Assistance Offered: Up to $380,000 per unit (HPD subsidy)
Interest Rate:
- Construction: 1% simple + 0.25% servicing
- Permanent: AFR (min 2.5%, monthly compounding), 1% paid (incl. 0.25% fee)
Loan Term:
- HPD permanent loan: Minimum 30 years, balloon structure (not fully amortizing)
- Senior debt must be coterminous
HomeFix
The HomeFix Program provides a comprehensive place-based approach to addressing homeowner repair needs and other assistance. The program provides access to affordable low- or no-interest and potentially forgivable loans for home repairs to eligible owners of one- to four-family homes in New York City.
Visit the HomeFirst page for more information about eligibility and application
Key Terms
Maximum Area Median Income (AMI): 165% for borrower eligibility (See Area Median Income - HPD for dollar amounts)
Maximum Financial Assistance Offered: $60K for 1-unit home + $30K for each additional unit up to 4 units
Interest Rate: 0% to 5%, based on income, debt to income ratio, credit score, age
Loan Term: 5 years for <$15K, 15 years for >$15K, Max 30 years
Amortization: Amortizing or deferred loans
Income to Expense: Monthly cash flow must be at least $200 after loan payments
Plus One Accessory Dwelling Unit (ADU) Program
The Plus One ADU Program combines low- or no-interest loans and construction financing grants provided by the New York State Homes and Community Renewal to build or convert ADU's on their property.
In partnership with Restored Homes HDFC, the program provides homeowners with financial and technical support, including predevelopment and construction resources on a single-family property where the existing zoning allows for one additional unit. ADUs financed through the program will become safe, habitable, and potentially rent-restricted units that will help homeowners generate additional income and support long-term homeowner and neighborhood stability.
Visit the Plus One ADU page for more information about eligibility and application
Key Terms
Maximum Area Median Income (AMI): 165% for borrower eligibility, 100% for ADU rent (See Area Median Income - HPD for dollar amounts)
Maximum Financial Assistance Offered: $60K per apartment created, up to $120K
Interest Rate: 5%, may be reduced
Loan Term: 15 years, extendable to 30 years
Repayment Terms: Repayable amortizing loans for units with no restrictions or deferred/forgivable loans for units with restrictions
Income to Expense: Minimum $200 monthly cash flow after debt obligationsHousing Preservation Opportunities 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.
Visit the HPO page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI):
- 2/3 of units ≤165% AMI
Loan Term: 40 years
Income to Expense: 1.05
DSCR: 1.25 on senior debt
The Article XI exemption is set up as a Gross Rent Tax (GRT), with two ways to calculate it. Method 1 applies to projects where a significant majority of apartments are rent stabilized and there is little to no gap between preferential and legal rent. Method 2 is used for projects without current rent limits or where there's a risk of rent increases or losing rent stabilization, such as when tax benefits or a regulatory term are expiring. For more information, see the HPO page and the term sheet.Lead Hazard Reduction Program
The Lead Hazard Reduction Program offers federally funded grants for the reduction of lead paint hazards to owners of eligible residential buildings constructed prior to 1960.
The primary purpose of the program is to assist owners in reducing lead paint hazards to prevent lead poisoning of occupants – especially children. Peeling or cracking lead paint is the most common cause of lead poisoning in young children, who can swallow lead dust that lands on windowsills, floors, and toys. Lead poisoning can cause learning and behavioral problems in children.
Visit the Lead program page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI):
- 1–4-unit buildings: 50% of units ≤50% AMI, 50% ≤80% AMI,
- 5+ unit buildings: 50% of units ≤50% AMI, 30% ≤80% AMI, 20% no limit
Maximum Financial Assistance Offered: $20K average grant size per apartment, potential for more
Repayment Terms: Grant funding; the grant does not need to be repaid unless owner violates the terms of the regulatory agreement.LIHTC (Year 15)
HPD's Low Income Housing Tax Credit Portfolio Preservation ("Year 15") Program ensures the future financial and physical viability and preserves the long-term affordability of Low-Income Housing Tax Credit ("tax credit") properties.
Visit the LIHTC (Year 15) page for more information about eligibility and applicationKey Terms
Project previously substantially assisted with LIHTC
Maximum Financial Assistance Offered: Up to $75K/unit if leveraging new private financing; up to $55K/unit if not
Interest Rate:
- Construction: 1% simple + 0.25% fee; may allow <1% paid
- Permanent: Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee)
- Existing HPD Debt: Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee)
- Reso-A: 1% total (incl. fee); may reduce paid rate
Loan Term: Minimum of 30 years with a repayable balloon loan term of up to 40 years
Income to Expense: 1.05
Capital Partnership for Affordable Renovation (CPAR) Loan Program
The Capital Partnership for Affordable Renovation (CPAR) Loan Program is a low-interest loan program for multifamily building owners requiring moderate rehabilitation work. The program is designed to assist building owners to improve building conditions and facilitate the preservation of safe, affordable housing for low- and moderate-income New Yorkers.
HPD is partnering with select lenders to complete portions of the loan application and development process, increasing HPD's capacity for closing loans. This program is most suitable for buildings that have the ability to support a new mortgage to, in part, address their capital needs along with HPD subsidy. Buildings that qualify for this program must also have moderate rehabilitation needs.
Visit the CPAR page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI):
- Collectible rents ≤ 80% AMI (up to 20% units ≤ 100%), with exceptions considered on case by case basis - see term sheet for detailed restrictions
- See Area Median Income - HPD for dollar amounts
Maximum Financial Assistance Offered: Up to $80K/unit
Interest Rate:
- Construction: 1% per annum + 0.25% fee
- Permanent: 2.5% minimum AFR (1% paid rate, 0.25% fee)
Loan Term: 30 years
Amortization: Reverse amortization
Income to Expense: 1.05
DSCR: 1.15
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.
Visit the HUD Multifamily page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI): Up to 50% AMI(See Area Median Income - HPD for dollar amounts)
Maximum Financial Assistance Offered: Up to $50K/unit
Interest Rate: 1% per annum (includes 0.25% servicing fee)
Loan Term: 30 years
Amortization: Interest deferred and ballooned at maturity
Income to Expense: 1.05
DSCR: 1.15
Multifamily Housing Rehabilitation Loan Program (HRP)
HPD's Multifamily Housing Rehabilitation Loan Program (HRP) provides low-interest loans and tax exemptions to buildings that cannot leverage private debt to finance rehabilitation work, to ensure the physical health of buildings, preserve safe affordable housing for low- and moderate-income households, and reduce building operating expenses.
Visit the HRP page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI): Up to 100% AMI for rents; HDFC unit sales AMI at or below 100% and income limit 120% AMI (See Area Median Income - HPD for dollar amounts)
Maximum Financial Assistance Offered: $115,000 per dwelling unit
Interest Rate:
- Construction (Rentals & Co-ops): 1% simple + 0.25% fee; may allow <1% paid
- Permanent (Rentals): Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee)
- Permanent (Co-ops): 1% compounding monthly, 1% paid (incl. fee)
- Existing HPD Debt (Rentals): Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee).
- Existing HPD Debt (HDFC Co-ops): 1% compounding monthly, 1% paid (incl. fee)
- Reso-A (Mitchell-Lama Co-ops): 0% interest, forgivable
Loan Term: Minimum of 30 years with a repayable balloon loan term of up to 40 years
Income to Expense: 1.05
Debt Service Coverage Ratio: 1.15 combined financing
Participation Loan Program (PLP)
HPD's Participation Loan Program (PLP) provides low-interest loans and tax exemptions to rehabilitate privately owned housing for low- to moderate-income households. HPD's City Capital is gap financing lent in addition to construction and permanent financing sources provided by, but not limited to private institutional lenders, HPD and NYS Federal Low Income Housing Tax Credit Program (LIHTC), New York City Housing Development Corporation (HDC) programs and New York State programs.
Visit the PLP page for more information about eligibility and applicationKey Terms
Maximum Area Median Income (AMI): See term sheets for program-specific AMI restrictions
Maximum Financial Assistance Offered:
- For substantial rehabilitation projects, up to $260K per unit
- For moderate rehabilitation and Mitchell-Lama projects (rentals and co-ops), up to $115K per unit
Interest Rate:
- Construction: 1% simple + 0.25% fee; HPD may allow <1% paid
- Permanent: Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee)
- Existing HPD Debt: Accrues at AFR or 2.5% (whichever higher), 1% paid (incl. fee); may reduce paid rate
- Reso-A: 1% total (incl. fee); may reduce paid rate
Loan Term: Minimum of 30 years with a repayable balloon loan term of up to 40 years
Income to Expense: 1.05
Debt Service Coverage Ratio: 1.15
NYC Tenant Resource Portal
For tenants who are seeking assistance from the City, please visit the Tenant Resource Portal for more information about tenant resources.
- Section 8/rent subsidy assistance
- For any other questions, contact hpdpres@hpd.nyc.gov.
Owner Resource Center
There is no specific program that matches your criteria. Contact hpdpres@hpd.nyc.gov with any questions and find more owner resources on the Owner Resource Center page or cnycn.org
Ineligible
There is no specific program that matches your criteria. Find more owner resources at the Homeowner Resources page or at the Center for NYC Neighborhoods.
For any other HPD inquiries, call 212-863-6300 or email askhpd@hpd.nyc.govTenant Related Questions
For tenants seeking assistance from the City, visit the Tenant Resource Portal for more information about tenant resources.
For Section 8/rent subsidy assistance, see resources at HPD's Section 8 / Rental Subsidies page.
For any other HPD inquiries, call 212-863-6300 or email askhpd@hpd.nyc.gov