• Private Site Financing

HPD offers a range of low-cost financing options for new construction on privately-owned vacant and underutilized sites, and for rehabilitating formerly publicly-owned buildings of varying sizes.

New Construction | Preservation 

HPD administers multiple financing programs to facilitate the physical and financial sustainability and affordability of privately-owned multifamily buildings throughout New York City. In addition to a number of loan programs, HPD also administers numerous tax exemption programs. For general inquiries about preservation finance opportunities, contact hpdpres@hpd.nyc.gov

Preservation Programs At-A-Glance

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. For inquiries related to this program, contact hpdrehabloans@hpd.nyc.gov.

HPD’s Multifamily Housing Rehabilitation (HRP) Program provides rehabilitation loans to help owners undertake improvements to existing buildings. Rehabilitation is generally limited to the upgrading or replacement of major building systems, including but not limited to roof replacement, Local Law 11 work including pointing, and upgrades to the heating, electrical, and/or plumbing systems. For inquiries related to this program, contact hpdrehabloans@hpd.nyc.gov.

HPD's Green Housing Preservation Program provides forgivable and no-interest loans for energy efficiency and water conservation improvements, as well as low-interest loans for moderate rehabilitation of small- to mid-sized multi-family buildings under 50,000 square feet and larger than 5 units. Based on a typical scope of work, buildings may reduce utility costs by 10% or more. Owners are encouraged to apply for other funding, including other public incentives and private debt. Buildings may also qualify for full or partial property tax exemptions. For inquiries related to this program, contact hpdgreen@hpd.nyc.gov

The HUD Multifamily Program leverages public and private sector financing to rehabilitate and preserve privately-owned HUD-assisted rental housing throughout New York City. The Program targets buildings that are most distressed, as well as those properties that face expiring HUD use restrictions or are considered “at-risk” of opting out of subsidy programs and converting to market rate housing.  The Program provides low-interest subordinate loans and/or tax exemptions to preserve and rehabilitate housing for low- to moderate-income households. For inquiries related to this program, contact hpdhudmf@hpd.nyc.gov.

HPD's Low Income Housing Tax Credit Portfolio Preservation (“Year 15”) Program ensures the future financial and physical viability and preserves the long-term affordability of Low Income Housing Tax Credit (“tax credit”) properties that are reaching or have reached the end of the initial tax credit compliance period. The program works with the owner to evaluate the needs of each project and develop a repositioning strategy to address the project's financial and capital needs as part of the Year 15 tax credit investor exit review. Repositioning strategies may include extensions or modifications of existing mortgages, securing additional subsidy, and/or leveraging private debt. For inquiries related to this program, contact hpdyear15@hpd.nyc.gov.

The Primary Prevention Program (Lead Hazard Control and Healthy Homes), offers federally-funded grants for reduction of lead-based paint hazards to owners of residential buildings constructed prior to 1960, as well as healthy homes interventions for eligible projects. The grants are provided as forgivable loans, averaging $10,000 per apartment. Eligible projects may receive Healthy Homes Supplemental Funds to address housing-related health issues identified by a program inspection. Projects with additional repair needs may be referred to other HPD rehabilitation loan programs. Projects must be located in the Bronx, Brooklyn, or Queens; the program seeks to target the neighborhoods in these boroughs where there are concentrations of children whose blood lead levels have tested high. For inquiries related to this program, contact hpdlead@hpd.nyc.gov or call 212-863-8884.

The Green Physical Needs Assessment (GPNA), released by the NYC Housing Development Corporation (HDC), integrates energy and water audit protocols into a full roof-to-basement assessment of physical needs to ensure that the holistic needs of a property are addressed. HDC and HPD established a list of qualified providers that owners may use to complete a GPNA. The RFQ is open on a rolling basis.

The Discounted Water Rate Program offers a discount on water and sewer rates for eligible, HPD or HDC-assisted affordable multifamily housing projects through The New York City Department of Environmental Protection (DEP), in conjunction with HPD and HDC. Eligible projects can receive a $250 credit per residential unit on their fiscal year 2017 water and sewer bill(s) on a first-come, first serve basis as enrollment is limited.

Other Funding Sources

HPD Development Program Archive