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.
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.
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.
Complete and submit an application with supporting documentation.
Contact us at email@example.com, (212) 863-8626, 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.