Neighborhood Stabilization Program

Neighborhood Stabilization Program

If you own a two to four-family home purchased through the NSP-REO Program or the NSP-Homebuyer Assistance Program, then you must obtain prior approval from HPD for the leasing of any rental unit in your home. The Leasing Requirements set forth in Exhibit B of your NSP Subsidy Mortgage, determine your prospective tenant’s maximum household income and the maximum rent that may be charged. Consult the NSP Tenant Lease Guidelines for the current maximums.

To obtain HPD approval of your proposed tenant and lease form, you must submit the following:

  1. A completed Homeowner Request for Approval of Prospective Tenant and Lease (PDF)  providing ALL requested information.
  2. A Tenant Affidavit re: Household Makeup and Household Income completed by the prospective tenant and notarized.
  3. An IRS Transcript of Tax Return for the most recent tax year for each income-earning member of the tenant household. Transcripts of Tax Returns may be obtained through the IRS website.
  4. Two most recent paystubs for each income-earning member of the tenant household.
  5. The proposed form of lease. Remember, the rent must not exceed the maximum (as described in the Tenant Lease Guidelines), and the lease must include the required lease rider attached to your NSP Subsidy Mortgage as Exhibit C.

Submit the entire package of the above-referenced materials to the following address.

NYC Department of Housing Preservation and Development
Homeowner Mortgage Servicing Unit
100 Gold Street, Room 7-U1
New York, New York 10038

The failure to submit all required materials may delay or prevent the processing of your request.

If you have any questions concerning your NSP Subsidy Mortgage or about completing a request for Approval of a Prospective Tenant/Lease, you may contact the Homeowner Mortgage Servicing Unit at 212.863.6914 or email at