HPD's Senior Affordable Rental Apartments (SARA) Program provides gap financing in the form of low interest loans to support the construction and renovation of affordable housing for seniors, 62+ years in age, with low incomes. Projects developed with SARA funding must also set aside 30% of units for homeless seniors referred by a City or State agency, typically the New York City Department of Homeless Services. SARA loans carry a minimum 30 year term and may be up to $75,000 per unit.
HPD's Division of Special Needs Housing accepts proposals for SARA funding throughout the year on a rolling basis. The process begins with a project summary package that outlines the proposal and includes information about the sponsor, the site, and the population to be housed; a plan for providing and paying for supportive services; and the proposed financing. Please review the SARA Program term sheet and HPD design guidelines for new construction or substantial rehabilitation, as applicable.