HPD’s Mixed Middle Income (M2) Program funds the new construction of multi-family rental housing affordable to low-, moderate- and middle-income families up to 165% of Area Median Income (AMI). Under this initiative, 20% of the units in a new development must be reserved for low-income households earning less than 50% of the New York City Area Median Income (AMI), with at least 15% of these low-income units set aside for very low-income families earning less than 40% of AMI.A minimum of 30% of the units would be set aside for moderate-income households earning between 80% and 100% of AMI. A maximum of 50% of the units would be set aside for middle-income households earning between 130% and 165% of AMI.
In order to be eligible for Capital funds, it is required that a borrower be a Housing Development Fund Corporation either alone or in partnership with for-profit developers, limited partnerships, corporations, trusts, joint ventures, or limited liability companies. The development team for the project must have demonstrated a track record in successfully developing, marketing, and managing the type of facility proposed or must form a joint venture with an entity with such expertise. Borrowers must demonstrate sufficient financial stability and liquidity to construct and operate the project.
Multifamily New Construction Prorgrams
100 Gold Street, Room 9I-5