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.
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 email@example.com@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 firstname.lastname@example.org.
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 email@example.com
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 firstname.lastname@example.org.
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 email@example.com.
The Primary Prevention Program, a joint initiative between HPD and the Department of Health and Mental Hygiene (DOHMH), offers federally-funded grants for lead treatment to owners of single and multifamily buildings constructed prior to 1960. The grants are dispensed as forgivable loans, valued at between $5,000 and $8,000 per apartment. Some units may receive up to $10,000 in conjunction with other moderate rehabilitation work. Federally-funded grants are for work in the following areas, but City funding supports eligible buildings citywide. For inquiries related to this program, contact firstname.lastname@example.org.
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. Read more and apply.