HPD’s Neighborhood Construction Program (NCP) funds the new construction of infill rental housing with up to 30 units affordable to low, moderate and middle income households earning up to 165% Area Median Income (AMI). Sponsors may apply to the program to develop privately owned properties or they may be selected through a Request for Qualifications (RFQ) process to purchase City-owned sites. For city-owned sites, disposition will be for $1 per lot and developers will deliver an enforcement note and mortgage equal to the land's appraised value ("Land Debt").
In order to be eligible for HPD-issued 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.
New construction of affordable rental housing with up to 30 units affordable to households earning up to 165% AMI. Projects may serve low income households or moderate and middle income households.
Multifamily New Construction Programs
100 Gold Street, Room 9I-5