The Home Improvement Program (HIP) offers loans of up to $30,000 to correct substandard conditions such as masonry repairs, roofing, plumbing repairs, boiler/furnace replacements, and electrical rewiring. Depending on the size of the loan, you may also be able to make other improvements such as painting, replacing kitchen cabinets, and installing storm windows.
HIP loans are for owner/occupants of one- to four-family homes located throughout the City. All applicants must meet bank underwriting standards as well as have their annual household income meet eligibility guidelines.
The loans are either 2.5% or 5% interest, depending on your income, and are payable over a maximum of 10 years.
The program requirements are:
Complete a HIP Loan Application and mail to the participating bank below:
Contact HPD at firstname.lastname@example.org or (212) 863-6700. We will be happy to further discuss the program and guide you through the process.