Participation Loan Program

HPD’s Participation Loan Program (PLP) provides low-interest loans and/or tax exemptions to multifamily building owners to facilitate the moderate or substantial rehabilitation and affordability of housing for low-to-moderate income households. Financing may also be available for limited acquisition costs.

Who is eligible to apply?

Owners of buildings with 3 or more apartments. Eligible owners may include limited partnerships, corporations, joint ventures, limited liability companies, 501(c)(3) non-profit corporations, housing development corporations, and individual owners including homeowners.

How does the loan work?

In a PLP loan, HPD subsidy is combined with private financing. The maximum subsidy permitted ranges from $40,000 to $90,000 per unit, depending on the other financing used and the rents charged to residents and other financing sources. The 30-year loan is provided at a below market interest rate.

Projects are generally eligible for a full or partial property tax exemption.

Loan recipients will enter a regulatory agreement for at least the term of the loan and/or tax exemption. The agreement sets limits on allowable rents and initial household incomes, and requires units to be rent stabilized. All projects must set aside at least 10% of units for homeless households.

For more information on the loan terms, see the PLP term sheet.

How to apply?

Complete the following application materials and submit to hpdpres@hpd.nyc.gov:

Contact us at hpdpres@hpd.nyc.gov, (212) 863-8626, or reach out to one of our Landlord Ambassadors. Our team will be in touch to further discuss the program and guide you through the application process.