The Multifamily Housing Rehabilitation Loan Program (HRP) provides rehabilitation loans for the replacement of major building systems in multifamily buildings, including but not limited to roof and window replacement, building envelope work (Local Law 11 and pointing), and upgrades to the heating, electrical, and/or plumbing systems.
Owners of rental or cooperative buildings with 3 apartments or more are eligible to apply. The loans must be used for residential work only, and may not be used to refinance existing debt.
HPD provides 30-year, low-interest loans up to $35,000 per residential unit. The interest rate is a maximum of 3%, based on the needs of the project. Projects may be eligible for a full or partial property tax exemption.
Loan recipients enter a regulatory agreement coterminous with the loan term. For more information on the specific loan terms for rentals, cooperatives, and Mitchell-Lamas, see the HRP term sheet.
Submbit a loan application, contact us at firstname.lastname@example.org, (212) 863-8960, or reach out to one of our Landlord Ambassadors. Our team will be in touch to further discuss the program and guide you through the process.