HPD works with owners, lenders, community partners, managing agents, and other government entities to monitor the regulatory compliance and physical and financial health of HPD-financed buildings. Our goal is to ensure continuing quality and availability of affordable housing to low- and moderate-income New Yorkers.
Responsibilities for HPD-Subsidized Rental Housing
- Annually register your property with HPD.
- Submit timely payment of all project obligations, such as property tax, water/sewer charges, utility bills, and mortgage payments.
- Keep properties free of all housing code violations. Address any open violations promptly and appropriately. Violation information is available on HPDOnline.
- Annually file Real Property Income & Expenses with Department of Finance (DOF).
- Annually register all rent-stabilized or rent-controlled units with New York State Homes and Community Renewal (HCR).
- Submit appropriate documentation for compliance on any Homeless Set-aside units to ensure timely rent-up of vacant units and adherence to regulatory restrictions.
- Annually submit the following to HPD Asset Management:
- Certified, independent audited financial statements for the previous fiscal/calendar year;
- Projected budget for the current fiscal/calendar year;
- Certified rent rolls for each building in each subsidized project at year-end for the previous fiscal/calendar year;
- Proof of fire and liability insurance;
- Previous fiscal/calendar year-end bank statements for all project operating and reserve accounts;
- Current organizational chart for parent entity (sponsor), listing names, titles, and contact information for all key staff;
- Affidavit of compliance (applies to Inclusionary and 421-a certificate projects only).
- Any other regulatory obligations as may be defined in legal documents such as mortgage, regulatory agreement, land disposition agreement, and funding and disbursement agreement. Documents can be found on Department of Finance Website - ACRIS.
- Most HPD-subsidized properties have restrictions on sales, refinancing of debt, or transfers of ownership. You must contact HPD Asset Management prior to executing any such transaction in order to obtain necessary consent.