The HUD Multifamily Program leverages public resources and private sector financing to rehabilitate, recapitalize and preserve privately-owned HUD-assisted rental housing throughout New York City. For Program purposes, HUD-assisted is defined as properties where a majority of the units are covered by a form of project-based rental assistance including various types of Housing Assistance Payment (HAP) contracts, Moderate Rehabilitation (MOD-Rehab), Moderate Single Room Occupancy(MOD-SRO) or Rental Assistance Demonstration Phase II (RAD) contracts and/or properties that received federal subsidies through programs including the HUD 202 or 236 programs. The Program’s mission is to ensure low-income households remain in affordable apartments over the long term, to promote financial and physical stability, and to promote revitalized neighborhoods, targeting buildings that are most distressed.
The Program achieves these goals by providing tax exemptions and/or low interest loans at below market interest rates. Combined with traditional bank, federally-insured or tax exempt bond financing products, the blended financing rate is below market. Projects with more than typical rehabilitation needs may combine financing with Low Income Housing Tax Credits.
HUD Multifamily Program term sheets:
Carolyn Williams, Director HPD/HUD Multifamily Program