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.

Eligible Buildings

Projects will be considered for a HRP loan only if capital needs identified in the IPNA cannot be financed through other sources, including reserves, cash flow, modifications to existing HPD debt, and/or leveraging private debt.

Multiple dwellings of three or more units (including Single Room Occupancy- SROs) that cannot leverage conventional debt, including:

Multi-Family Rentals
Mitchell-Lama Developments
Housing Development Fund Corporation (HDFC) Rentals
Housing Development Fund Corporation (HDFC) Cooperatives

Program Overview

The program assesses the needs of each project and develops a long-term preservation strategy to address the projects’ financial and physical needs. HPD assistance may include residential real estate tax exemptions, below-market loans, and/or extensions or modifications of existing HPD mortgages to induce conventional financing for preservation efforts and ensure long term financial stability.

Resources

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.