Participation Loan Program (PLP)

HPD’s Participation Loan Program encompasses Participation Loan Program (PLP), Third Party Transfer (TPT) Program and Multifamily Preservation Loan Program (MPLP).

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

TPT and MPLP designate qualified sponsors to purchase and rehabilitate certain vacant and occupied multi-family properties in order to improve and preserve housing affordability to low- to moderate-income households. All TPT properties are currently owned by Neighborhood Restore HDFC and MPLP properties are currently owned by the City of New York. All properties were subject to an in rem foreclosure.

Eligible Buildings

Multiple dwellings of three or more units (including Single Room Occupancy- SROs) that can 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

Thank you for your interest in the Participation Loan Program (PLP). We are sorry to inform you we currently have limited staff capacity and a significant backlog of projects. As a result, the assignment of a project manager can take up to one year. Please submit a complete Preliminary Application with detailed information about the project characteristics and needs. This application will allow us to understand the needs of your project, and we will contact you when we are able to assign a project manager. Thank you for your interest and we look forward to working with you.