Participation Loan Program

HPD’s Participation Loan Program (PLP) provides low-interest loans and/or tax exemptions to multifamily building owners to facilitate the moderate or substantial rehabilitation and affordability of housing for low-to-moderate income households. Financing may also be available for limited acquisition costs.

Who is eligible to apply?

Owners of buildings with 3 or more apartments. Eligible owners may include limited partnerships, corporations, joint ventures, limited liability companies, 501(c)(3) non-profit corporations, housing development corporations, and individual owners including homeowners.

How does the loan work?

In a PLP loan, HPD subsidy is combined with private financing. The maximum subsidy permitted ranges from $40,000 to $90,000 per unit, depending on the other financing used and the rents charged to residents and other financing sources. The 30-year loan is provided at a below market interest rate.

Projects are generally eligible for a full or partial property tax exemption.

Loan recipients will enter a regulatory agreement for at least the term of the loan and/or tax exemption. The agreement sets limits on allowable rents and initial household incomes, and requires units to be rent stabilized. All projects must set aside at least 10% of units for homeless households.

For more information on the loan terms, see the PLP term sheet.

How to apply?

Complete and submit an application with supporting documentation.

Contact us at hpdplp@hpd.nyc.gov, (212) 863-7810, 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 application process.