In conjunction with the Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC), we are offering a credit for eligible, HPD or HDC-assisted affordable multifamily housing projects. Eligible projects can receive a $250 credit per residential unit on their water and sewer bill(s) on a first-come, first-served basis, as enrollment is limited.
Projects are eligible if they meet all three criteria:
- Rent Affordability: Average collectable rents (rental buildings) or maintenance fees (co-ops) for the project must be affordable to households earning up to 60% of Area Median Income (AMI), using a Rent Roll, effective as of the date of application. The project can have income limits higher than 60% of AMI as long as the average collected rent is affordable to those earning up to 60% of AMI.
- Use Restriction: Executed and recorded regulatory agreement or equivalent document with HPD or HDC with a minimum of 15 years remaining, restricting 100% of the residential units.
- All buildings must demonstrate efficient water usage either through compliance with the Multifamily Conservation Program (MCP) or as evidenced by paying a metered water rate. Buildings that take the necessary steps to become compliant with the MCP conservation measures before the application deadline may apply. Buildings must be compliant with all applicable DEP and Water Board regulations.
- All buildings must be in good standing with the City, by demonstrating current payments, payment plans or evidence of engagement with the City to address these issues. HPD or HDC Asset Management will consider projects not current on their DEP and DOF bills on a case-by-case basis.
How To Apply
For the application and more information about the program, visit the Housing Preservation and Development website.